Germany-based retailer Tengelmann Group’s e-commerce corporate venturing unit has taken a 45% stake in Zitra, a local business to business marketplace, for an undisclosed sum.
Karl-Erivan Haub, chief executive of Tengelmann Group, said: "The Zitra founders have convinced us with their promising marketplace. We are delighted to be involved in this start-up from the onset."
Zitra provides a platform for manufacturer to sell premium products to retailers and is focused primarily on fashion & style, lifestyle and electronics.