Price comparison site PricePanda raises $3M from Tengelmann Group
Price comparison website PricePanda was able to secure new funds worth $3 million from Tengelmann Group, a major German retail company, TechCrunch reported. The firm said the new financing will be utilized to grow PricePanda in the other markets in South Asia.
The existing backers of Price Panda included Rocket Internet and AB Kinnevik, the report said.
First-time Internet users utilizing their mobile phones to shop online have led to an e-commerce boom in Asia. More and more users are relying on sites like PricePanda that allow them to compare the prices of various products that can be bought on e-commerce websites. A million users have already been redirected by PricePanda to purchase online from other partner sites since it was rolled out in 2012, the report said.
When the startup said that it had already redirected one million users to partner sites earlier this month, PricePanda Co-Founder Christian Schiller attributed the success to the mobile commerce growth in South Asia, the report said.
The report quoted Schiller as saying, "This year, we can expect to scale rapidly and reach further milestones. And converting 1M people to our partner shops is just the beginning. 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."
Although Price Panda did not reveal how much total funding it had already received before it was able to secure the capital from Tengelmann, an October 11, 2012 story published on TechCrunch said the price comparison website was rumored to have received a funding amount amounting to around $12.8 in its 2012 launch.
Information from its website showed that the Tengelmann Group operates as an international multi-sector retailer with a presence in 20 countries.