One of the earliest e-commerce portals in India may be among the latest to raise money, finally. Indiaplaza.in (which was once Fabmall.com), is in the process of raising $10 million in funding, according to Business Standard. Indiaplaza CEO K Vaitheeswaran is at present unavailable for comment, but has said he’ll get back to us later today or tomorrow.

The site stocks 7 million products including books, music, videos, CD-ROMs, electronics, cameras, mobile phones, among others. It also runs rewards and loyalty programs for banks, airlines and IT companies, in addition to powering shopping portals of e-commerce portals of media houses including Business Standard’s BS Baazar. It also had a deal with NDTV’s shopping site which is now powered by Infibeam.

In 2007, Vaitheeswaran’s Indian e-commerce venture Fabmall acquired US based Indiaplaza, which was targeting the NRI segment with Indian products. After the acquisition Fabmall was renamed Indiaplaza.in and the integrated business started operations in India and USA.  Indiaplaza had 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.

Quick question: which major e-commerce venture in India is yet to raise funding?

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Fabmall.com Acquires Indiaplaza.com