Anthill Ventures, an early-stage investment firm and scaling platform for startups, has made an undisclosed investment in Swedish urban mobility electric car startup Uniti Sweden AB.
The Hyderabad-based startup accelerator will provide Uniti with a platform to explore market opportunities in India and South East Asia, Anthill said in a press note.
Uniti plans to mass produce electric vehicles in 2019 and, by the following year, launch a five-seater car for the Indian market with a single-charge range of 200 km. The starting price of the car is estimated at Rs 7.14 lakh.
“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,” said Prasad Vanga, founder and chief executive officer, Anthill Ventures.
“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 Lewis Horne, founder and chief executive officer, Uniti.
Founded in January 2016, Sweden-based Uniti had raised 1.2 million euros in November through crowd funding platform FundedByMe for an 11.68% stake in the company. It had unveiled the Uniti One in December 2017.
This February, it had announced a partnership with diversified business house Bird Group for local assembly and mass distribution of its electric vehicles.
Anthill Ventures had earlier told VCCircle that it was planning to make the first close of its latest early-stage technology fund with a co-investment pool of $100 million by April. It is looking to make an interim close at $10 million.
It has backed several companies including 91 Springboard, Travelio, BuyTestSeries, Thrillophilia and Explara.
Like this report? Sign up for our daily newsletter to get our top reports.