BasiGo, a Kenyan startup providing electric bus solutions, has received US$3 million in equity capital from CFAO Group to expand its production in Rwanda and Kenya.
Financial backing is provided by CFAO, a business with a presence in more than 40 African nations and the owner of the largest automobile distribution network in Africa.
The corporate venture capital divisions of CFAO, Mobility54, and CFAO Kenya each contributed a portion of the investment in BasiGo.
Modern electric buses from BasiGo come with maintenance and charging services for bus operators.
These vehicles are made affordable with a pay-as-you-go financing plan that lets operators pay for the battery and charging separately from the bus.
According to Jit Bhattacharya, CEO of BasiGo and co-founder, “CFAO recognizes the extraordinary opportunity for electric mobility to transform African economies.” BasiGo is a player in the energy and mobility market in Africa.
Akira Wada, managing director of CFAO Kenya, said, “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,”.
BasiGo completed the development of its first domestically-made electric bus in February.
Now, the company wants to produce 1,000 locally-made electric buses in the next three years.
Operators in Kigali and Nairobi have placed over 500 and 100 orders, respectively.
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