BasiGo, a pioneering electric mobility startup based in Kenya, has secured $3 million in equity funding from French multinational CFAO Group. The investment will fuel BasiGo’s ambitious plans to ramp up production of its locally-assembled electric buses in Kenya and Rwanda.
The funding round was jointly led by CFAO Kenya and Mobility54, CFAO’s venture capital arm focused on promoting innovative mobility solutions across Africa. BasiGo says the fresh capital will accelerate deliveries of its electric buses, for which the company already has reservations for 600 units from transport operators in Nairobi and Kigali.
Over the next three years, BasiGo aims to deliver 1,000 electric buses manufactured at its Kenyan assembly plant, a plan that is expected to create 300 long-term manufacturing jobs in the country. The company has already made significant strides, with its existing fleet covering over 1.5 million kilometers, transporting 2.1 million passengers, and reducing greenhouse gas emissions by an estimated 680 tonnes.
“This funding round represents a significant step forward in our mission to expand electric mobility across Africa. We are confident that electric buses can transform African economies by providing cleaner and more sustainable transportation options,” Jit Bhattacharya, BasiGo’s Co-Founder and CEO, said.
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The investment aligns with CFAO Group’s strategic commitment to promoting green energy solutions on the continent. In February, the French firm signed an agreement with the Kenyan government to establish a green energy value chain encompassing power generation and utilization. CFAO has also been actively investing in green mobility startups through its Mobility54 subsidiary.
BasiGo’s innovative financing model allows transport operators to acquire electric buses at the price point of diesel buses, with the remaining cost covered through a usage-based subscription service. The startup has already expanded its operations to Rwanda, establishing a local subsidiary and partnering with Rwandan smart transport company AC Mobility to accelerate the country’s transition to electric mobility.
As cities across Africa grapple with air pollution and the impacts of climate change, BasiGo’s electric bus solutions could prove to be a game-changer in promoting sustainable public transportation in the region.