Kampala based motorcycle leasing company, Tugende, with operations based in Kenya and Uganda with over seventeen branches, has recently announced that it has successfully secured a series A investment round of $6.3 million backed by Toyota Tsusho Mobility 54.
Since the company launched in 2012, over 3,500 motorcycle leases have been made available in several East African countries, thereby providing a source of livelihood to and increasing the disposable income levels for many African individuals and households.
Motorcycle riders are given a two-year lease agreement for Tugende motorcycles that cost $700 and in return make weekly repayments using electronic platforms where customers can also get access to their credit scores.
Additional services provided to customers include training on HSE, Health, and Life insurance.
The additional investment will enable Tugende to improve its technology platform and provide better service delivery to its clients.
Tugende’s also plans to begin financing agricultural equipment, appliances, and other types of vehicles