The news:
- BasiGo, a Kenyan electric mobility startup, has secured KSh396 million ($3 million) in equity funding from CFAO Group to expand its electric bus production in Kenya and Rwanda.
- The capital injection, shared by CFAO Kenya and Mobility54, CFAO's corporate venture capital subsidiary, will aid the company's efforts to manufacture and deliver electric buses in the two East African nations.
- The e-mobility company, which has received reservations for 600 buses, says the new funding round will help it speed up part delivery.
According to BasiGo, the 600 buses include 500 reservations from bus operators in Nairobi, Kenya, and an additional 100 reservations from bus services in Kigali, Rwanda.
It plans to deliver 1,000 locally assembled electric buses over the next three years, creating 300 long-term manufacturing jobs in Kenya.
Jit Bhattacharya, BasiGo's Co-Founder and CEO, confirms that the funding round is part of the company's African expansion plan.
“As a player in the energy and mobility industry in Africa, CFAO recognises the extraordinary opportunity for electric mobility to transform African economies,” Bhattacharya added.
In February 2024, CFAO Group, CFAO Motor Kenya, and Toyota Tsusho Corporation signed a strategic agreement to help Kenya achieve carbon neutrality by establishing a green energy value chain from generation to utilisation.
With operations in 40 African countries, CFAO Group says it is developing an e-mobility ecosystem in East Africa by investing in green mobility startups through its subsidiary, Mobility54.
On January 25, 2024, CFAO Mobility in Rwanda launched the first car dealership for BYD (Build Your Dreams) electric cars in Kigali, Rwanda, the first in East Africa.
In February 2024, the Kenya-based electric vehicle (EV) maker completed its inaugural batch of electric buses assembled locally.
As of March 2024, BasiGo electric buses have completed over 1.5 million kilometres in Kenya, transporting over 2.1 million passengers and cutting up to 680 tonnes of greenhouse gas emissions.
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In December 2023, BasiGo received a debt facility of $5 million (KSh766.7 million) from British International Investment (BII) to support its effort to assemble electric buses locally.
About a month before, the company raised $1.5 million (KSh 227 million) to expand into Rwanda to address the East African country's fleet shortage.
