The virtual space of India may be flooded with numerous online shopping websites today, but the first online shopping website of India was Indiaplaza.com that was also known as Fabmall or Indramall. Shri K.Vaitheeswaran owned it along with his five friends, V.S.Sudhakar, Vipul Parekh, Hari Menon, V.S.Ramesh and Sundeep Thakaran.
The project kick started as Fabmart.com in September 1999 that used to sell only online music CDs. Later the products increased to books, movies, watches and groceries between February and October 2000. In fact, an offline store was also opened in Bangalore, India in February 2002. Fabmart.com acquired the US-based Indiaplaza.com and reappeared as Indiaplaza.in in India and Indiaplaza.com in the USA although both of them merged later on as Indiaplaza.com. The Indian Monsoon Group (IMG), a private investment firm based in the USA funded the foundation of Indiaplaza.com.
IMG is an angel-funding firm that used to invest in Indian internet cum mobile spheres and its other beneficiaries included Sulekha.com and EShakti.com both of which are completely India based online platforms offering a wide range of services such as contacts of local necessities via social media and customized apparel retailer solely focused on global audience respectively. However, Indiaplaza.com successfully closed a deal with Series A US 5$ million from Indo-US Venture Partners (IUVP) in February 2011, which has also funded for other internet companies like Snapdeal.com and Myntra.com.
THE PRODUCTS OFFERED IN INDIAPLAZA.COM WERE NOT QUITE DEPENDABLE ONES
Indiaplaza.com gradually flourished by increasing the number of products offered that comprised of CD-ROMs, books, cameras, mobile phones, apparels, jewelry, flowers, chocolates, watches, food items and much more. However, as the statements of industry experts go, the products offered in Indiaplaza.com were not quite dependable ones and there were reports of piracy too in some of the products delivered by Indiaplaza.com to its customers.
Indiaplaza.com had also entered into partnerships with some of the top media brands such as Business Standard (bsbazaar.com), Sify.com along with eminent publishing houses such as The Hindu and Business Standard in order to enhance the marketing and reach of this online shopping portal amongst the masses. It has also launched the “Indiaplaza Golden Book Quill Award” in 2008 in order to honor an Indian author who was staying in India too for literary works in novels and translation for both fiction and non-fiction genres in the previous calendar year.
In spite of ample funding, Indiaplaza.com was unable to pull profit that consequently resulted in the end of an era in the closure of this first Indian online trading entity quite before the retail giants like Amazon, Flipkart, Snapdeal, etc. had even started their journey.