Kenyan electric bus startup BasiGo raised $3 M Equity funding from CFAO Group
BasiGo, a Kenyan startup providing electric bus solutions, has received US $3 million in equity funding from CFAO Group in order to expand its production in Rwanda and Kenya.
Modern electric buses are offered by BasiGo, along with maintenance and charging services for bus operators. These vehicles are made affordable by a financing model that lets operators pay for the battery and charging separately from the bus using a pay-as-you-go financing plan.
As reported by media, the company had established operations in Nairobi subsequent to obtaining KES100 million (roughly US $900,000) in funding earlier in the year. After that, it raised a US $4.3 million seed funding round in February 2022 and then another US $6.6 million in November 2022 before obtaining a US$5 million debt facility late last year from British International Investment (BII), the UK’s development finance organization.
CFAO, which operates in more than 40 African nations and owns the continent’s largest automotive distribution network, has now invested US $3 million in equity funding for BasiGo. CFAO Kenya and Mobility54, the organization’s corporate venture capital division, each contributed half of the money to BasiGo.
“As a player in the energy and mobility industry in Africa, CFAO recognises the extraordinary opportunity for electric mobility to transform African economies,” said BasiGo co-founder and CEO Jit Bhattacharya.
The first locally assembled electric bus manufactured by BasiGo was completed in February. The company has received over 500 orders from bus operators in Nairobi and 100 orders from operators in Kigali, and it now plans to deliver 1,000 locally assembled electric buses over the next three years.
“This is the start 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,” said CFAO Kenya managing director Akira Wada.
