Launched as early as 1999, Indiaplaza is perhaps the first major e-commerce company to come up in India. And that itself is significant as the firm has been through the dotcom boom and burst in the 12 years of its existence — gaining some valuable industry insights and learning to survive in the lean seasons. After securing a total of $3 million in angel funding during 2004-2011 (it happened in tranches) from Indigo Monsoon Group, the company raised a series A round of $5 million in 2011 from NEA-IndoUS, a venture capital fund with India focus.
Indiaplaza has always projected itself as a general e-commerce firm and dealt in pretty much everything. But this year, it wants to go deeper into the segments and focus more on the lifestyle category, as well as books and electronics. While the books section is expected to drive the volume, the electronics segment will add value to the business. But it will also mean that the decade-old e-commerce venture will face stiff competition from Flipkart and Letsbuy, who are already the crowned leaders in these categories.
In a candid conversation with Techcirle.in, K Vaitheeswaran, founder and CEO of Indiaplaza.in, emphasises that the company is actually competing with offline retailers like Landmark or Croma, instead of the online breed. He also discusses the ups and downs the company has faced, its business strategy, fundraising, focus areas, target audience and new offerings for 2012. Watch this video to know more.