Electric mobility startup, BasiGo, is on a fast track to revolutionise public transportation across East Africa with a significant boost in funding. The Kenyan company has recently secured $3 million in equity funding from the CFAO Group, a major player in the mobility industry owned by the Japan-based Toyota Tsusho Corporation. This investment marks a pivotal moment in BasiGo’s journey, providing the necessary capital to accelerate the assembly and delivery of electric buses in Kenya and Rwanda.
The funding, contributed by both CFAO Kenya and Mobility54, CFAO’s corporate venture capital subsidiary, underscores the growing confidence in electric mobility as a sustainable solution for the continent’s transportation needs. BasiGo has ambitious plans to deliver 1,000 locally assembled electric buses over the next three years, which not only aligns with environmental goals but also promises to create 300 long-term manufacturing jobs in Kenya. This expansion is particularly noteworthy as it involves the implementation of a Pay-As-You-Drive financing model, offering a mileage-based lease that mitigates the high upfront costs of electric buses for operators.
BasiGo’s co-founder and CEO, Jit Bhattacharya, has articulated the company’s vision of leveraging electric mobility to transform African economies. With CFAO’s extensive experience and strength in the mobility industry, there’s a strong foundation for BasiGo to deliver competitive, high-quality electric bus solutions at scale. The partnership between BasiGo and CFAO is not just about funding; it’s a strategic alliance aimed at exploring the expansion of BasiGo’s innovative financing model to new classes of commercial electric vehicles, thus broadening the impact of sustainable transportation solutions across the continent.
The significance of this development cannot be overstated. With over 500 reservations from bus operators in Nairobi and an additional 100 in Kigali, BasiGo is poised to significantly reduce carbon emissions and improve public transportation’s efficiency and accessibility. The electric buses have already made a notable impact, covering more than 1.5 million kilometers and transporting over 2.1 million passengers in Kenya alone, reducing up to 680 tonnes of greenhouse gas emissions.
CFAO’s investment in BasiGo is part of a broader commitment to developing an e-mobility ecosystem in East Africa, highlighted by initiatives such as launching the first BYD electric car dealership in Kigali and signing a strategic agreement to support Kenya’s goal of achieving carbon neutrality. This collaboration between BasiGo and CFAO is a testament to the potential of electric mobility to drive sustainable development in Africa, marking a significant step towards a greener, more efficient future for public transportation in the region.
