March 15, 2011 / 2:12 PM / in 7 years Looking At $10M Fundraise

E-commerce firm is in the process of raising $10 million from venture capital firms. is backed by the Indigo Monsoon Group, which also backs classifieds portal and, an online store for fashion apparel. may be an interested party in, according to Business Standard., its earlier avatar, was set up in 1999 and is one of the oldest Indian e-commerce ventures. In 2007, Fabmall acquired, a US-based e-commerce site that was set up for the NRI audience and rebranded itself as now offers some 7-8 million items including books, CD-ROMs, cameras, mobile phones, apparel, flowers, chocolates, watches, food items available. The site also offers loyalty programs and gifts for corporates.

According to media reports, has 1.5 million customers and is looking to scale upto half a million transactions in a year during the next year. Its top management consists of K Vaitheeswaran, the founder and Chief Operating Officer of and Param Parameswaran, who heads the Indigo Monsoon Group.

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