- With this $3 million funding from CFAO Group, BasiGo aims to expand to 1000 in East African regions within three years.
- BasiGo secured a Ksh804.5 million investment from Silicon Valley venture capitalists in 2022 to support local electric bus assembly and charging infrastructure.
Kenya Vehicle Manufacturers have secured $3 million in equity funding from CFAO Group to expand the assembly and distribution of electric buses in both the local market and Rwanda. Initially, BasiGo partnered with Thika-based KVM and introduced 19 electric buses in Nairobi.
With this, it aims to expand to 1000 in East African regions within three years. CFAO Kenya and Mobility54, the corporate venture capital arm of CFAO, share the infusion of funds. In a press statement, the founder and CEO of BasiGo, Jit Bhattacharya, expressed the company’s gratitude to have CFAO as a partner in the development of electric bus transportation in Africa.
According to Bhattacharya, CFAO, a leading African energy and mobility company, recognises the potential of electric mobility in Africa and ensures that BasiGo offers competitive, scalable e-bus solutions. BasiGo secured a Ksh804.5 million investment from Silicon Valley venture capitalists in 2022 to support local electric bus assembly and charging infrastructure, following a previous $5 million debt funding.
The company has revealed that it has received more than 500 reservations from bus operators in Nairobi and an additional 100 reservations from bus operators in Kigali. The startup, backed by CFAO, plans to expand its Pay-As-You-Drive financing model to include a broader range of commercial electric vehicles.
CFAO, a key player in the mobility industry owned by Toyota Tsusho Corporation, has established its first electric vehicle dealership in Rwanda. It also invested in e-mobility startup companies through Mobility54, promoting sustainable transportation and a green mobility ecosystem in over 40 African countries.
As of June 2023, the data released by the Energy and Petroleum Regulatory Authority (EPRA) showed that the number of electric vehicles and motorcycles in Kenya rose by 729 units, reaching 2,079 compared to 1,350 in 2021. The rise in popularity of electric vehicles in the country highlights the drive to provide cost-effective transportation while reducing carbon emissions and combating climate change.