One of India’s e-commerce pioneers Indiaplaza.com doesn’t appear to be in business any more.
We visited IndiaPlaza’s office in Ulsoor, Bangalore, only to find out that the office had shut seven months ago. We checked the website’s status several times last week, and each time, it was inactive. We got the same results when we confirmed the domain status on IsItDownRightNow.com.
An email sent to Indiaplaza CEO K Vaitheeswaran on his IndiaPlaza id to confirm the news bounced. Attempts over the last week to contact Vaithee via calls, text and email haven’t yielded a response. Medianama also tried calling IndiaPlaza’s customer care – but the listed numbers didn’t work.
Wikipedia’s IndiaPlaza page states that “As of March 2014 the site has already shut down. They no longer maintain it. The last updates from them where around Diwali 2013.” However, at the time of writing this report, the Wikipedia entry doesn’t cite a source for this information.
IndiaPlaza reportedly failed to raise fresh funds last year. It received its last funding in April 2011 – $5 million from Kalaari Capital (earlier IndoUS Venture Partners). Speaking to Medianama, Vaitheeswaran said in March 2013 that they were looking for funding in the region of $5 million, but they were struggling to raise funds since investors are spooked by India’s FDI policy in e-commerce, and global e-commerce giants like Amazon are lobbying for it even now. However, IndiaPlaza was a marketplace, a model in which FDI is allowed.
IndiaPlaza was launched in 1999 and became popular in the early to mid-2000′s as Fabmall.com. A part of Fabmall got acquired and the online business was rebranded as IndiaPlaza. Initially, it had two websites – Indiaplaza.in which targeted the Indian customer and Indiaplaza.com, which targeted the US market. But both were merged into a single website Indiaplaza.com in February 2011.