Kenyan electric bus solutions startup BasiGo has secured equity funding worth US$3 million from CFAO Group to expand production in Kenya and Rwanda.
Bashigo provides state-of-the-art electric buses and charging and maintenance services to bus operators, making these vehicles affordable through a financing model that allows operators to pay for batteries and charging separately from the bus on a pay-as-you-go basis. We offer it at a reasonable price. Go to arrange financing.
Disrupt Africa reported The company began operations in Nairobi in November 2021 and secured KES100 million (US$900,000) in funding earlier this year.in that case Raised $4.3 million in seed round in February 2022 and then in November 2022 with fresh seed funding of USD 6.6 million; Deposit a US$5 million debt facility with a bank Late last year, it received funding from British International Investment (BII), the UK's development finance institution.
To date, BasiGo has raised US$3 million in equity funding from CFAO, which operates in over 40 African countries and owns Africa's leading automotive sales network. The investment in BasiGo will be split between CFAO Kenya and Mobility54, CFAO's corporate venture capital arm.
Jit Bhattacharyya, co-founder and CEO of BasiGo, said: “As a player in Africa's energy and mobility industry, CFAO recognizes the great opportunity that electric mobility presents to transform African economies. ” he said.
BasiGo completed production of its first locally assembled electric bus in February. The company currently aims to deliver 1,000 locally assembled electric buses over the next three years and has received orders for more than 500 from a bus operator in Nairobi and 100 from a bus operator in Kigali. There is.
“This is the beginning of a new era and through this investment we are not only supporting the growth of the electric vehicle industry, but also contributing to the development of a sustainable green energy value chain that will benefit communities across Africa. ” he said. CFAO Kenya Managing Director Akira Wada.