Quick Take
- Akash Dongre, cofounder and CPO of Indus Appstore, steps down after 12 years.
- Chief Business Officer Priya Narasimhan will now lead the PhonePe-owned platform.
- All three original Indus OS cofounders have now exited ahead of PhonePe’s IPO.
Akash Dongre, cofounder and chief product officer (CPO) of PhonePe-owned Indus Appstore, stepped down from his role on June 3, 2026, after 12 years of building. The departure was announced via a post on Akash Dongre’s LinkedIn, where he said he was taking time to “pause, recharge and reflect.”
Priya Narasimhan, who has served as Chief Business Officer (CBO) of Indus Appstore since January 2024, will take charge of the platform. Akash Dongre co-founded Indus OS in 2013 alongside Rakesh Deshmukh and Sudhir Bangarambandi. His exit means all three original cofounders have now left the company.
StartupFeed Insight
Indus Appstore’s value to PhonePe is strategic, not yet commercial. Dongre’s departure, following Share.Market CEO Ujjwal Jain’s exit in May 2026, signals that PhonePe is shifting acquired businesses from founder-led to operator-led management. For IPO (initial public offering) investors, both new platforms now carry succession risk at a critical moment. The platform’s 1.5 Cr user milestone relies heavily on Xiaomi pre-installation, not organic app discovery. Watch for Priya Narasimhan to close at least two more OEM (original equipment manufacturer) pre-installation deals by Q4 2026. That figure will determine whether Indus Appstore justifies its contribution to PhonePe’s IPO story. By StartupFeed Desk.
Who Led the Leadership Change at Indus Appstore?
| Detail | Information | Notes |
|---|---|---|
| Departing executive | Akash Dongre, CPO | Cofounder, Indus OS, 2013 |
| Date of exit | June 3, 2026 | Announced via LinkedIn post |
| Successor | Priya Narasimhan, CBO | In role since January 2024 |
| Previous CEO exit | Rakesh Deshmukh, 2024 | Now runs Natoe.ai (AI for radiology) |
| Previous CTO exit | Sudhir Bangarambandi, June 2025 | On career break as per LinkedIn |
| Acquisition price | $90 Mn (Rs 750 Cr) | PhonePe acquired Indus OS, July 2022 |
Dongre’s exit closes the founding chapter at Indus Appstore. He was the product mind behind the platform’s 12-language interface and its zero-fee developer model that challenged Google Play Store.
Who Is Akash Dongre?
Akash Dongre is a product builder who co-founded Indus OS in 2013 with Rakesh Deshmukh and Sudhir Bangarambandi in Bengaluru. The company built a smartphone operating system (OS) focused on Indian regional languages. By 2016, Indus OS was the second-largest mobile OS by shipments in India, according to Dongre.
In 2019, the team pivoted toward building a made-in-India, third-party app store for Android. PhonePe acquired the business for $90 Mn (Rs 750 Cr) in July 2022 after a prolonged legal process. Dongre stayed on as CPO through the platform’s rebranding and formal public launch in 2024. Pre-acquisition investors included Omidyar Network India, VenturEast, Samsung Ventures, JSW Ventures, and Titan Capital.
Why Does Akash Dongre’s Exit Matter Ahead of PhonePe’s IPO?
Akash Dongre‘s departure is the second significant leadership exit within a PhonePe-acquired business in 2026. Share.Market CEO Ujjwal Jain stepped down in May 2026. Both exits arrive as PhonePe moves toward a stock market listing.
PhonePe filed an updated draft red herring prospectus (UDRHP) with SEBI (the Securities and Exchange Board of India) in January 2026. The offering is structured as an OFS (Offer for Sale), with no fresh issue of shares. Target market capitalization is around $15 Bn (Rs 1,24,500 Cr), and the IPO could raise up to $1.5 Bn (Rs 12,450 Cr).
Global market volatility, partly linked to the West Asia conflict, caused PhonePe to pause IPO plans in March 2026. The company said it would restart once capital markets stabilize. Sources suggest the listing may not proceed before late Q3 2026.
How Does Indus Appstore Compare to Google Play Store in India?
Google Play Store controls roughly 90% of Android app discovery in India. Indus Appstore competes on price and language: it charges zero listing fees and zero commission on in-app purchases. Google’s standard take rate runs at 15 to 30% per transaction.
The platform supports 12 Indian languages and uses phone-number-based login, cutting friction for first-time smartphone users. A pre-installation deal with Xiaomi India loads the Indus Appstore on all new Xiaomi handsets sold in India. This partnership drove the platform past the 1.5 Cr (15 million) registered user mark.
Global alternatives like Aptoide have under 5 Mn users worldwide and limited India-specific features. India’s alternative Android app store market is still early-stage, with no single operator-backed rival close to Google Play’s reach. Product builders and founders tracking this space can follow related coverage in StartupFeed’s For Founders section.
What Happens Next at Indus Appstore?
Priya Narasimhan’s first task is translating 1.5 Cr users into a developer monetization story ahead of the PhonePe IPO. She will need to secure more OEM (original equipment manufacturer) pre-installation deals beyond Xiaomi. The Xiaomi partnership currently accounts for the bulk of the platform’s user base.
PhonePe is expected to restart IPO proceedings in Q3 2026. Whether Indus Appstore receives a standalone segment valuation in the SEBI filing could prove significant for shareholders. Will Narasimhan secure the OEM deals needed to justify the platform’s place in PhonePe’s IPO story?
Frequently Asked Questions
Why did Akash Dongre step down from Indus Appstore?
Akash Dongre said he is taking time to “pause, recharge and reflect” after more than a decade of building. He gave no details about a next role. His departure also completes the full cofounder exit from Indus OS, the business he started in 2013 with Rakesh Deshmukh and Sudhir Bangarambandi.
Who will lead Indus Appstore after Akash Dongre’s exit?
Priya Narasimhan, Indus Appstore’s Chief Business Officer since January 2024, will take charge of the platform. No official title change has been announced by PhonePe. Narasimhan is not a cofounder and marks a shift to professional management at the app marketplace.
Disclaimer: This article references PhonePe’s forthcoming IPO and its filings with SEBI. This is not investment advice. Please consult a SEBI-registered financial advisor before making any investment decisions. Investors are advised to read the UDRHP carefully before forming views on valuation or listing timelines.
