Kenya's BasiGo Bolstered by $3 Million Equity Injection for Electric Bus Venture

Kenya's BasiGo Bolstered by $3 Million Equity Injection for Electric Bus Venture

By Staff Writer, 29 March 2024

Kenyan electric mobility startup BasiGo has recently secured a substantial KSh396 million ($3 million) in equity funding from the CFAO Group.

This investment aims to bolster BasiGo's electric bus production ventures in both Kenya and Rwanda.

The financing, a collaborative effort between CFAO Kenya and Mobility54, CFAO's corporate venture capital subsidiary, is set to facilitate the manufacturing and distribution of electric buses across these East African nations.

With a significant influx of capital, BasiGo aims to expedite its supply chain processes, catering to the growing demand for electric buses.

Read More: Basigo, Kenyan Electric Bus Startup, Secures $5 Million Debt Facility

BasiGo has revealed that out of the 600 bus reservations it has received, 500 are from bus operators in Nairobi, Kenya, with an additional 100 reservations from Kigali, Rwanda.

In the coming three years, the company plans to deliver 1,000 locally assembled electric buses, a move that is expected to generate around 300 sustainable manufacturing jobs in Kenya.

Jit Bhattacharya, Co-Founder and CEO of BasiGo, emphasized that this funding round is a pivotal component of the company's broader strategy for expansion across Africa.

He noted, "As a player in the energy and mobility industry in Africa, CFAO recognises the extraordinary opportunity for electric mobility to transform African economies."

Source: Osamu Ekhator / TechPoint Africa

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