German retail giant Tengelmann has invested €3 million into Rocket Internet's PricePanda.
Tengelmann, which owns the Tengelmann supermarket and Obi home improvement chains and has funded a host of ecommerce ventures to date, has joined other existing investors such as Sweden's Kinnevik.
PricePanda was launched in 2012 and is Rocket Internet's South East Asian price comparison platform operating in Indonesia, Malaysia, the Philippines and Singapore. It also has a site serving Mexico.
Christian Schiller, co-founder and managing director at PricePanda, said: '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 countires scale our operations and contnue to enhance our service.'
He said the aim of the site is to be a 'relaible guide through the jungle of offers from diverse ecommerce stores'. It has more than 70,000 products listed and 1 million people redirected to other websites to date.
Rocket says he number of internet users in Asia will double by 2020 to 360 million.
Tengelmann employs 80,000 people and group turnover is around €10 billion. It has already invested in a significant number of Rocket ecommerce businesses via its Tengelmann Ventures division including Lazada, alongside Tesco, Zalando, Zalora and Jumia.
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