Bangalore, Jan. 18
E-tailing firm Fabmall.com has acquired the US-based e-commerce company Indiaplaza.com for an undisclosed sum. With this acquisition, Fabmall.com has also re-branded itself and will henceforth be known as Indiaplaza.in in India and Indiaplaza.com in the US.
Announcing this at a press conference here, Mr K. Vaitheeswaran, Chief Operating Officer, Indiaplaza, said that the company would aggressively invest and scale up the operations to create a global online shopping brand for Indians and Indian products in India and the US. The company would soon look at tapping the UK, Australia and South Africa markets. "In the next two years, we'll spend about Rs 25 crore on our marketing activities," said Mr Param Parameswaran, Chairman, Indiaplaza.
Fabmall.com launched in 1999 is one of the first e-commerce companies set up in the country. By the end of FY'07, Indiaplaza is expecting sales revenues of $12 million-15 million and by 2009, about $60 million-70 million. "We are looking at a valuation of about $100 million by 2010," Mr Vaitheeswaran said. Indiaplaza.in has been posting 30 per cent quarter-on-quarter growth, he said. Indiaplaza.com was set up with funding from The Indigo Monsoon Group (IMG), a private investment firm investing in Indian Internet and mobile domains. IMG has also invested in Sulekha.com and eshakti.com.
Indiaplaza's shopping catalogue now has over 3.5 million items across categories including books, music, durables, Bollywood products, apparel, jewellery and appliances.