PricePanda raises $3 million from German retail major Tengelmann Group

PricePanda, the Rocket Internet-backed price comparison site, has raised $3 million in new funding from the German retail major Tengelmann Group. This new funding will be used to expand PricePanda in other South Asian markets, the company said. Rocket Internet and AB Kinnevik are among existing investors of PricePanda. E-commerce is booming in Asia, especially with more first time Internet users shopping on their mobile phones. Many of them are increasingly turning to sites such as PricePanda that helps them compare prices of different products available on the e-commerce sites. Since it was launched in 2012, PricePanda has redirected 1 million users to buy online from other partner sites.