yes it is.
if white carelessly plays 2. c4, you have 2.. e5! with almost immediate equality.
2. e4 transposes into a Nimzowitsch defence, where 2 .. d5 was the original idea of Nimzowitsch (the consensus seems to be that white ought to play 1 e4-Nc6; 2 Nf3 as the best way of meeting the Nimzo).
White's best try is 2. Nf3, and then you have 2.. d5 at your disposal. white will have less central space than he is accustomed to, but also perhaps you will have less counterplay.
If you wish, you can transpose into the two knights tango (1 d4-Nf6 2 c4-Nc6) or the Zurich variation of the Nimzo-Indian (1 d4-Nf6 2 c4-e6 3 Nc3-Bb4 4 Qc2-Nc6), but I think 2 c4-e5 is stronger than either of these two possibilities.
There's not much theory about this opening so both you and your opponent will have to think for yourselves.
it's not downright losing, although I think it's pretty unpleasant for black. It probably will transpose to the chigorin defense after 2. Nf3 d5 3. c4