Rocket Internet backed PricePanda merges with Australian e-commerce site Getprice & gets new funding
Online shopping comparison site for emerging markets PricePanda and Getprice, today announced that the companies will merge to create a market-leading network across the region, operation under the Next Commerce banner.
The newly created group is expected to propel growth for both parties by leveraging Getprice’s sophisticated technology platform, developed over the past 10 years, and PricePanda’s proven expertise in emerging markets. Together, the businesses operate in nine countries across Asia Pacific and reach more than four million unique visitors each month.
Philip Wegener, Managing Director of PricePanda, said, “Given the tremendous opportunities in the large and rapidly growing Asia Pacific market, we are excited to capitalise on the combined expertise that will enable us to pursue new initiatives in mobile, media,and launching new products and services in the region. We are convinced of the strategic benefits of this alliance, forming a strong market leader with an impressive track record both in technology and operations.”
Under the umbrella of Next Commerce, PricePanda and Getprice will continue to operate as standalone brands in their respective markets. Jared Oken, Getprice Co-Founder, will be the new CEO of Next Commerce. Chris Hitchen, also an original Getprice co-founder will chair the board of directors that will include Oliver Samwer from Rocket Internet.
Oken added, “This merger with PricePanda lifts the growth potential of both our businesses to a completely new level. Together we will focus on both extending our lead in the Australian market as well as rapid growth in South East Asia and other emerging markets, including significant investment in scaling our operations team in Manila and our regional sales team. I look forward to working together with an incredible team that is excited about growing and supporting ecommerce across the region.
As part of this transaction, PricePanda’s existing shareholders including Tengelmann Ventures, subsidiary of the German retail giant Tengelmann, the Swedish investment company Kinnevik and the Asia Pacific Internet Group, which is Rocket Internet's Joint Venture with Ooredoo – formerly Qatar Telecom – in South East Asia, have reinvested in the business to fund its further growth.
Founded in 2012, PricePanda is currently active in Argentina, Australia, Colombia, Indonesia, India, Malaysia, Mexico, Singapore, Thailand and the Philippines. Australian e-commerce site Getprice, which was founded in 2005, lists more than 5 million products from over 1,300 retailers nationwide.