PricePanda, a price comparison site founded in 2012, has announced that it has secured US$3 million from Germany-based Tengelmann Group. The money will be used to “reshape the e-commerce landscape in further countries in the upcoming months”.
Totalling an annual turnover of US$13 billion, with operations in over 4,000 stores in 15 countries, the new investor Tengelmann runs grocery, discount, home improvement and DIY stores. Given that PricePanda compares the prices of various products from home appliances to health and beauty, both parties complement each other.
Christian Schiller, Co-founder, Managing Director, PricePanda said, “With more than 70,000 products and 1 (million) people redirected to other stores’ websites, we have already gained a strong competitive edge in South East Asia.” The platform can be assessed from Malaysia, Singapore, Indonesia, the Philippines and Mexico.
In an earlier interview, Schiller told e27 that PricePanda views Malaysia as its biggest market, with regard to visitors and conversions.
e27 has reached out to PricePanda to understand how it will be reshaping the e-commerce landscape in the future. PricePanda’s existing investors include Investment AB Kinnevik and Rocket Internet.