Electric Bus Company, BasiGo has secured $3 million (Sh396 million) worth of equity funding from CFAO Group to scale up production of electric buses in Kenya and Rwanda.
The investment, split between CFAO Kenya and Mobility54, the corporate venture capital arm of CFAO will fund the scale-up of BasiGo’s manufacturing and delivery of electric buses in the two countries.
With operations in over 40 African countries, CFAO owns Africa's leading automotive distribution network. The group is already active in the E-mobility industry in East Africa.
Early this year, CFAO launched the first dealership for BYD electric cars in Kigali, Rwanda.
The global automobile giant is actively building the E-Mobility ecosystem in East Africa by investing in E-mobility startup companies through Mobility54.
BasiGo aims to deliver 1,000 locally assembled electric buses in the next three years, creating 300 green manufacturing jobs in Kenya.
The fresh round of financing will go towards the delivery of part of the 600 buses that the company has so far received reservations for.
According to the E-mobility firm it has already received over 500 reservations from bus operators in Nairobi and an additional 100 reservations from bus operators in Kigali, Rwanda.
BasiGo Co-Founder and CEO Jit Bhattacharya, said that the funding is part of the firm’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,” said Bhattacharya.
In February 2024, Toyota Tsusho Corporation, CFAO Group, and CFAO Motor Kenya jointly signed a deal to support Kenya achieve carbon neutrality by establishing the green energy value chain, from energy generation to utilisation.
As at March, BasiGo’s electric buses in Kenya had driven over 1.5 million kilometres, carried over 2.1 million passengers and mitigated over 680 tons of greenhouse gas emissions.
In February 2024, the EV maker completed production of their first locally assembled electric buses.
“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 sustainable green energy value chain that will benefit communities across Africa,” said CFAO Kenya Managing Director Akira Wada.
