The first company to offer electric buses in Kenya, BasiGo, has announced a funding round of USD$6.6 million.
Mobility54, the corporate venture capital unit of Toyota Tsusho, Trucks VC, a Silicon Valley venture capital fund specializing in the transportation sector, and Novastar Ventures, a global VC helping entrepreneurs reshape African markets, were the leaders of the fundraising round.
Moxxie Ventures, My Climate Journey (MCJ), the Susquehanna Foundation, Keiki Capital, and OnCapital have also contributed to the round.
According to Jit Bhattacharya, CEO of BasiGo, “BasiGo is happy to receive the support of investors who are leaders in the automotive industry and climate financing.” “Renewable energy sources already provide over 90% of Kenya’s electricity. Kenya’s transportation industry, however, is totally dependent on imported petroleum fuels. We can immediately reduce climate emissions, improve the quality of the air in our cities, and provide bus owners with relief from the escalating expense of diesel by electrifying Kenya’s public transportation”.
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.
Operators then pay BasiGo a KES 20 ($0.17) per kilometer membership fee, which covers BasiGo’s full range of services, including the leasing of the E-Bus battery and charging at BasiGo charging stations.
Nairobi bus operators currently pay an estimated KES 30–50 ($0.25–$42) per kilometer for diesel fuel alone due to recent hikes in Kenya’s fuel rates.
The next batch of 15 BasiGo electric buses is scheduled for delivery in January and will be put into service with several major bus companies in Nairobi.
The additional funding increases BaisGo’s total funding for 2022 to $10.9 Million.
Through the company’s innovative Pay-As-You-Drive financing model, the new funding will allow BaisGo to start commercial delivery of locally produced electric buses and charging infrastructure.
BasiGo is prepared to provide all Africans with access to the advantages of cutting-edge electric transportation with the help of this new funding.
Read more on Tech Gist Africa:
Pezesha, an embedded financial platform based in Kenya, has raised $11m in pre-Series A funding
iProcure, a Kenyan agritech startup, raises $10.2 million in Series B funding
Lami Technologies, a Kenyan insurtech startup, raises US$3.7 million in seed funding
