BasiGo Secures $3 Million Investment for Expansion

Kenyan e-mobility startup, BasiGo, has announced a significant milestone with the successful closure of a $3 million equity funding round. Spearheaded by the CFAO Group and bolstered by support from Mobility54, a collaboration between Toyota and CFAO, this latest investment underscores the growing interest in sustainable transportation solutions across the region.

This funding comes on the heels of BasiGo’s previous successes, including a $6.5 million raise in late 2023. Notable components of this previous financing round include a $5 million debt financing deal with British International Investment, earmarked for the manufacturing of 100 electric buses tailored for the Kenyan market. Additionally, a $1.5 million grant from USAID in November 2023 was instrumental in scaling up BasiGo’s operations in Rwanda.

In response to the recent investment, BasiGo expressed pride in securing the backing of the CFAO Group, Africa’s largest automotive distribution network. The company articulated a shared vision with CFAO Group for fostering a comprehensive green energy value chain across the African continent.

BasiGo’s journey commenced with its entry into Kenya in November 2021, following an initial raise of $1 million in pre-seed funding. The startup introduced 25 and 36-seater capacity electric buses, designed to cover distances of up to 250 kilometers. This initiative aimed to address the fossil-fuel dominance in Kenya’s public transport sector by offering a clean energy alternative.

To facilitate accessibility and affordability, BasiGo unveiled plans to sell locally assembled electric buses, utilizing components sourced from China’s EV manufacturer, BYD Automotive. Moreover, the company devised a financing model enabling customers to acquire EV buses at prices comparable to their diesel counterparts, offsetting the balance through usage-based subscription fees.

CEO and co-founder Jit Bhattacharya underscored the transformative potential of electric bus technology, emphasizing its capacity to deliver significant cost savings compared to traditional buses. Bhattacharya articulated BasiGo’s commitment to supporting Kenya in becoming a global leader in sustainable public transport.

Expanding its footprint, BasiGo ventured into Rwanda in 2023, establishing BasiGo Rwanda Ltd to spearhead the electrification of the country’s public transport system. Recognizing the urgent need to address rising fuel costs and improve accessibility, the startup introduced electric buses with plans to scale up operations to 200 buses by 2024.

A strategic partnership with AC Mobility further bolstered BasiGo’s presence in Rwanda’s public transport sector, accelerating the transition to electric mobility. The collaboration aims to leverage smart transport solutions to enhance efficiency and sustainability.

With the infusion of CFAO funding, BasiGo is poised to emerge as a key player in East Africa’s e-mobility landscape, offering clean and sustainable public transportation solutions. The appointment of Moses Nderitu and Doreen Orishaba as Managing Directors for Kenya and Rwanda respectively underscores the company’s commitment to driving impactful change across the region.