This opening was tried by some hypermodern players such as Aron Nimzowitsch and Efim Bogoljubov, but it has never become very popular.
The opening resembles an Alekhine's Defence but on the opposite side of the board.
In an opening book by Sid Pickard, this variation was called the Bozo-Indian Defense ("Bozo" being a combination of the prefixes "Nimzo" and "Bogo").
Therefore, practically speaking, White is more likely to limit himself to the move 2.Nf3, trying to reach a position where he has a theoretical advantage.
Black could respond to Nf3 with two main moves: Erich Weinitschke vs. Efim Bogoljubov, Bad Elster, Germany, 1938 [Analysis by Sid Pickard]