PricePanda receives USD 3M from Tengelmann Group
27 JANUARY 2014
SummaryBerlin/Singapore, 27th of January 2014 – PricePanda, South East Asia’s #1 price comparison platform, secured USD 3M from Tengelmann Group. Other existing investors include Investment AB Kinnevik and Rocket Internet. This will allow PricePanda to reshape the e-commerce landscape in further countries in the upcoming months.
Berlin/Singapore, 27th of January 2014 – PricePanda, South East Asia’s #1 price comparison platform, secured USD 3M from Tengelmann Group. Other existing investors include Investment AB Kinnevik and Rocket Internet. This will allow PricePanda to reshape the e-commerce landscape in further countries in the upcoming months.
Christian Schiller, Co-Founder and Managing Director PricePanda: “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. When we started our company in 2012, we had only one goal: To be a reliable guide through the jungle of offers from diverse ecommerce 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 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.”
With an expected number of 360M internet users by 2020 and an ever growing number of e-commerce stores in SEA, the need to keep an overview about the heavily increasing amount of offers on the internet is greater than ever. 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 & movies and many 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.
PricePanda’s concept itself is simple: 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 (www.pricepanda.com) was founded in 2012 by Christian Schiller and Louis Iskandar and is currently available in Mexico, Malaysia, Philippines, Indonesia and Singapore. Next to detailed reviews about consumer electronics including mobile phones, software, TV, audio kits and many more, PricePanda regularly updates their website so that customers can compare the latest electronic gadgets. Furthermore, PricePanda is available on the go for all iOS and Android devices.
For more information, please visit: www.pricepanda.com
About Tengelmann Group
Tengelmann Group (www.tengelmann.de) is an international operating retail company whose business interests are spread across a number of different industries. Subsidiaries include OBI, KiK, Kaiser's Tengelmann, baby-markt.de and Plus Online. TREI Real Estate, as well as the holding company Tengelmann Ventures, which has been investing in promising online start-ups for several years, are also part of the corporate group. The family-owned business was established in 1867 in Mülheim an der Ruhr and is currently managed in fifth generation. Tengelmann Group is operating in over 4,000 stores in 15 different countries and employing more than 80,000 people. The group’s annual turnover is totaling EUR 10bn.
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About Rocket Internet
About Rocket Internet
Rocket Internet incubates and invests in Internet companies with proven business models. It provides operational support to its companies and helps them scale internationally. Rocket Internet focuses predominantly on four industry sectors of online and mobile retail and services that make up a significant share of consumer spending: Food & Groceries, Fashion, General Merchandise and Home & Living. Rocket Internet’s selected companies are active in a large number of countries around the world with more than 28,000 employees. Rocket Internet SE is listed on the Frankfurt Stock Exchange (ISIN DE000A12UKK6, RKET). For further information please visit www.rocket-internet.com.