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 of PricePanda.
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 such as PricePanda that helps them compare prices of different products available on the e-commerce sites. Since it was launched in 2012, PricePanda has redirected 1 million users to buy online from other partner sites.
Earlier this month, when PricePanda announced redirecting 1 million users to partner sites, 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 1M people to our partner shops is just the beginning,” Schiller had said.
“One and a half years later we can say: we made it. With more than 70,000 products and 1M people redirected to other stores’ websites, we have already gained a strong competitive edge in South East Asia,” Schiller added.
PricePanda did not share the total funding received before raising the latest capital from Tengelmann. But according to this story in TechCrunch, PricaPanda was rumored to be backed with $12.8 million when it was launched in 2012.