Grace Ashiru
Kenyan startup BasiGo, specializing in electric bus solutions, has secured a $3 million equity investment from CFAO Group to bolster its production expansion in Rwanda and Kenya.
CFAO, a prominent company with a strong foothold in over 40 African countries and the largest automobile distribution network in Africa, offers robust financial support.
The corporate venture capital divisions of CFAO, Mobility54, and CFAO Kenya collectively made significant investments in BasiGo.
BasiGo’s modern electric buses include maintenance and charging services for bus operators.
These vehicles are made more accessible with a pay-as-you-go financing plan, allowing operators to pay for the battery and charging separately from the bus.
Jit Bhattacharya, CEO of BasiGo and co-founder, stated, “CFAO acknowledges the immense potential of electric mobility to revolutionize African economies.” BasiGo is a key player in Africa’s energy and mobility sector.
Akira Wada, the managing director of CFAO Kenya, expressed his enthusiasm for the future, stating, “This investment marks the beginning of a new era. We are not only committed to advancing the electric vehicle industry but also to fostering a sustainable green energy value chain that will positively impact communities across Africa.”
In February, BasiGo successfully completed the development of its inaugural domestically-manufactured electric bus.
The company is aiming to manufacture 1,000 electric buses locally within the next three years.
In Kigali, operators have placed over 500 orders, while in Nairobi, they have placed over 100 orders.
