Cash-strapped ecommerce venture, IndiaPlaza might be sold to the Tata Group which reportedly is in talks to acquire it, reports NextBigWhat. The details of the deal are unknown and there has been no official confirmation for the same.

Multiple emails sent to IndiaPlaza Chief Executive Officer K Vaitheeswaran remained unanswered till the time of filing this report.

It has been reported that IndiaPlaza is shutting shop as it is unable to raise funds to continue operations. The portal has stopped taking new orders and is negotiating settlements with its existing vendors. Most of the products on the website are Out of Stock and many categories do not even have product listings.

In 2011, IndiaPlaza secured $5 million funding from NEA-IndoUS. The venture was originally launched as an online music store, called Fabmart.com, in September 1999 by a team of six experienced professionals led by VS Sudhakar, which was later named Fabmall.com.

During early 2007, Fabmall.com acquired US-based Indiaplaza.com, among the top e-commerce destinations for Indians in the USA. Post this; the combined entity was operational under IndiaPlaza. The Indigo Monsoon Group (IMG) was an investor in IndiaPlaza which went on to hold a majority stake in the combined firm post the acquisition.

Also Read IndiaPlaza’s CEO K Vaitheeswaran’s 2009 interview with us.