Rocket Internet’s PricePanda Expands To India
PricePanda is another of Rocket Internet’s portfolio companies. After being launched in 2012, the company rapidly expanded to cover markets such as Argentina, Colombia, Indonesia, Malaysia, Mexico, Phillipines, Singapore and Thailand. The company now has entered Indian soil. PricePanda is a price comparison service and aims to be create price transparency across product segments, especially those being sold online.
PricePanda recently raised $3 million in funding from Tengelmann Group, a retail giant from Germany. The company ties up with online retailers and let them list the products on their site along with their prices. The customer, after having made a purchase decision, will be redirected to the merchant site.
Christian Schiller, co-founder of PricePanda made a statement about the India launch,
“In 2012 the number of Indian retailers opening an online shop rocketed from 100 up to 600, and the number has been growing tremendously since. Now it is our task to guide users through the different offers to the deal that best suits their needs. At the same time, our platform empowers e-commerce businesses by helping them to convert their offerings into sales. We are really optimistic about this launch because e-commerce in India is currently booming similar to how it was in Malaysia where we first operated in 2012.”
The Indian version of the website has few categories in comparison to the others. Right now smartphones, tablets and cameras are the only categories listed on the website. Smartphones seem to be the most popular segment on the site as of now. The service also has mobile apps for iOS and Android.
PricePanda will have to compete with local players such as Scandid, Pricebaba, MySmartPrice and FindYogi in order to gain traction in the country. The opportunity for price comparison startups does exist, but there seem to be many players already present in the segment.
Website | PricePanda
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Source: http://www.watblog.com/2014/04/07/rocket-internets-pricepanda-expands-to-india/
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