Kenyan startup BasiGo, which specializes in electric bus solutions, has raised a $3 million equity investment from CFAO Group to bolster its production expansion in Rwanda and Kenya.
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.”
- 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.
The company also raised $5 million in December 2023 to scale its productions.