Hyderabad Based Anthill Ventures Backs Swedish Electric Car Maker Uniti

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Uniti Car

The Sweden-based startup which develops electric city car has raised an undisclosed amount of funding from Hyderabad-based early-stage investment firm Anthill Ventures which provides a platform for the startups to scale.

Anthill Ventures in a press release said that the accelerator platform of Anthill will help Uniti explore the Indian as well as South East Asia market.The Swedish firm plans to mass produce the electric vehicles in 2019 and then launch a five-seater car considering the massive Indian market. The five-seater car will need a single-charge for their 200 km long run. As per details, the car will be costing Rs 7.14 lacs in India.

Anthill Ventures CEO and founder Prasad Vanga following the investment said, “As part of our focus on future cities we are excited to partner with Uniti, help them enter and scale in India and South East Asia.”

Lewis Horne, founder and chief executive officer, Uniti suggested that by the looks of things, the Indian market can be a breakthrough moment for the company. “It is clear that India can be a really strong market for us, and we want to contribute a better driving and living experience in Indian cities with our products,” said Horne.

Horne had founded the company in January 2016 which raised 1.2 million euros in November through a crowdfunding platform FundedByMe which gained an 11.67% stake in the company. Their first product was Uniti One which they launched in December 2017.

It will be interesting to see the response of the people in India on the said five-seater car once they enter the market.

 

Image Courtesy : Uniti

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