Rocket Internet’s price comparison platform PricePanda announced today it secured $3 million funding from Tengelmann Group and other existing investors including Investment AB Kinnevik and Rocket Internet.
Through this funding, PricePanda aims to reshape the e-commerce landscape in more countries in the upcoming months. The comparison site is currently present in Indonesia, Singapore, the Philippines, and Malaysia. In addition to these countries, it already announced last November its intentions to launch in Thailand and open a regional office in Southeast Asia.
According to PricePanda co-founder and managing director Christian Schiller, the initial goal is to “bring transparency and overview into this world of excess information” among e-commerce businesses in Southeast Asia. He says users’ reception is a sign of its success. Two weeks ago, it announced that it directed around one million users to various e-commerce sites in Southeast Asia. It now compares more than 70,000 products.
With Southeast Asia’s expected number of internet users to reach 360 million by 2020, the team remains optimistic for growth in the region. Currently, Malaysia remains the biggest market for PricePanda.
(Editing by Paul Bischoff)