‘It was a game of musical chairs. One fine day, the music stops’, said K Vaitheeswaran wistfully in an interview with TechinAsia, earlier this year. His LinkedIn profile lists him as the founder of Fabmall.com (later branded Indiaplaza) as one of his ‘key achievements’. Founded in 1999, Indiaplaza was one of the pioneers of Indian e-commerce, surviving the dotcom boom & bust, 9/11 and the global economic meltdown before things went kaput.
After fourteen years of its existence, the landlord whose rent hadn’t been paid, the suppliers whose dues hadn’t been cleared, the customers whose prepaid orders hadn’t been fulfilled and the staff whose salaries hadn’t been credited for months had all lost their patience. Indiaplaza succumbed to a slow, painful death.