PricePanda, the Rocket Internet-backed price comparison site, has raised $3 million in new funding from the German retail major Tengelmann Group. This new funding will be used to expand PricePanda in other South Asian markets, the company said. Rocket Internet and AB Kinnevik are among existing investors.
E-commerce is booming in Asia, especially with more first time Internet users shopping on their mobile phones. Many of them are increasingly turning to sites like PricePanda to look for deals and, because the price comparison infrastructure is not yet robust, there is still room for smaller entrants. Since it was launched in 2012, PricePanda has redirected 1 million users to buy online from other partner sites.
Earlier this month, the startup’s co-founder Christian Schiller said the growth of mobile commerce in South East Asia was the key.
“This year, we can expect to scale rapidly and reach further milestones. And converting one million people to our partner shops is just the beginning,” Schiller had said.
PricePanda did not share the total funding received before raising the latest capital from Tengelmann. But as we wrote previously, PricePanda was rumored to be backed with $12.8 million when it was launched in 2012.