- BasiGo has secured $6.6 million in new funding to accelerate electric bus uptake in the country.
- The firm hopes to have over 1,000 electric buses by the end of 2025.
BasiGo, Kenya’s first electric buses company, announces $6.6 million in new funding was led by Mobility54, the corporate venture capital arm of Toyota Tsusho, Silicon Valley’s Trucks VC, a venture capital firm that focuses on the transportation industry, and Novastar Ventures, a global VC that supports businesspeople reshaping African markets.
Moxxie Ventures, My Climate Journey (MCJ), the Susquehanna Foundation, Keiki Capital, and capital have also contributed to the lap. With the latest round, BaisGo will have received $10.9 million in fundraising thus far in 2022. Its distinctive Pay-As-You-Drive financing strategy will allow the company to commercialize locally produced electric buses and charging infrastructure.
The company recently announced collaborations with KCB Bank and Family Bank to provide owners of electric buses up to 90% financing, and it has already received over 100 bookings from clients.
The obstacle to adopting electric buses in developing countries is the initial cost; with BasiGo’s Pay-As-You-Drive business model, owners may buy an electric bus for about the same up-front price as a diesel bus.
The electric buses from BasiGo will be delivered in January and put into service with several of Nairobi’s biggest bus companies. To support this more extensive fleet, the business has already placed high-power, DC fast-charging stations in critical areas of Nairobi. By the end of 2025, the firm hopes to have over 1,000 electric buses operating in Kenya. According to the company, all buses delivered in 2023 will be domestically produced in Kenya.