Update: Indiaplaza has confirmed to Business Standard that it has raised $5 million in funding through a fresh issue of equity, from NEA-IndoUS Venture Partners. Earlier: 8th April 2011-Indiaplaza, one of the earliest e-commerce ventures in India, has raised $5 million in venture capital funding from IndoUS Venture Partners, MediaNama has learnt from multiple reliable sources. Previously known as Fabmall.com, Indiaplaza deals in books, Cakes, handicrafts, cameras, jewelry, mobiles, toys, watches, electronics, DVDs and, of late, Alphonso Mango's. IndiaPlaza has two websites: IndiaPlaza.in targets the Indian customer, while IndiaPlaza.com, targets the US market. At the time of filing this report, IndoUS Ventures MD Vani Kola was not reachable, and K. Vaitheeswaran, CEO of IndiaPlaza has not responded to our requests for a confirmation or denial. Earlier reports had suggested that IndiaPlaza was raising $10 million, but had not mentioned any investors. Indiaplaza had previously received funding from the Indigo Monsoon Group (IMG), which also has investments in Sulekha.com and eshakti.com. IMG’s Param Parameswaran is the Chairman of Indiaplaza. Financials & The Road Ahead According to a directors report filed with India's Registrar of Companies, Indiaplaza, rather, Mercado Online Private Limited, had reported a turnover of Rs. 2.364 crore for the financial year ending 31st March 2010 (FY10), down from Rs. 2.829 crore the year before. It suffered a Rs. 1.9 crore loss in FY10, an improvement over the Rs. 4.258 crore loss it suffered in FY09. In FY08, the company had reported a turnover of Rs. 6.64 crore, and a loss…
