PricePanda gets US$3mil from Tengelmann Group
By Digital News Asia January 28, 2014
- Price comparison site allows shoppers to find and compare products and services
- Merchants also strongly benefit as PricePanda redirects customers to their websites
PRICE comparison platform PricePanda said it has secured US$3 million in funding from German retail giant Tengelmann Group, which would allow it to “reshape the e-commerce landscape” in more countries in the upcoming months.
Other existing investors include Investment AB Kinnevik and Rocket Internet. Tengelmann Group has also invested in other Rocket Internet companies such as Lazada and the approximately US$26 million it pumped into Zalora.
“We are delighted to have secured this new round of funding, which will enable us to continue our growth trajectory in existing markets, expand into further countries, scale our operations and continue to enhance our service,” said PricePanda cofounder and managing director Christian Schiller.
“When we started our company in 2012, we had only one goal: To be a reliable guide through the jungle of offers from diverse e-commerce stores. We wanted to bring transparency and overview into this world of excess information to ultimately empower e-commerce businesses in South-East Asia.
“One-and-a-half years later we can say, we’ve made it! With more than 70,000 products and one million people redirected to other stores’ websites, we have already gained a strong competitive edge in South-East Asia,” claimed Schiller (pic).
With an expected number of 360 million Internet users by 2020 and an ever-growing number of e-commerce stores in South-East Asia, the need to keep an overview about the heavily increasing amount of offers on the Internet is greater than ever, Rocket Internet said in a statement.
PricePanda directly tackles this problem and allows shoppers to find and compare thousands of products and services from more than 100 categories, such as computers, software, health and beauty, home appliances, gaming, music and movies and more, from various merchants.
This gives customers an extensive selection to find products with the best price-quality ratio for their needs. At the same time, merchants also strongly benefit as PricePanda redirects several thousands of customers each day to their websites, the company said.
Customers in Malaysia, Singapore, Indonesia, Philippines or Mexico visit www.pricepanda.com, choose from the broad range of categories or look for their desired item in the search bar. The customer can then see a display of the best prices from a broad variety of e-commerce stores such as Expansys, Senheng, Lazada and Makanja.
Then the customer decides which product and merchant to purchase from, clicks on the offer and is immediately redirected to the merchant’s website.
PricePanda was founded in 2012 by Schiller and Louis Iskandar and is currently available in Mexico, Malaysia, the Philippines, Indonesia and Singapore. An app is also available for iOS and Android devices.
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