Electric buses start-up BasiGo has raised Sh804.5 million ($6.6 million) from international investors to build more electric buses, charging points.
The investment round was led by Mobility54, the corporate venture capital arm of Toyota Tsusho, Trucks VC, a transportation-focused venture capital fund in Silicon Valley, and Novastar Ventures, a global VC supporting entrepreneurs transforming markets in Africa.
Others who participated are Moxxie Ventures, My Climate Journey (MCJ), Susquehanna Foundation, Keiki Capital, and OnCapital.
Additional capital injection will enable the company to begin commercial delivery of locally manufactured electric buses and charging infrastructure through the company’s unique Pay-As-You-Drive financing model.
“BasiGo is thrilled to have the backing of investors who are leaders in the automotive sector and climate finance,” BasiGo CEO Jit Bhattacharya said, adding the firm has so far raised Sh1.3 billion ($10.9 Million).
“By electrifying Kenya’s public transport, we can make an immediate dent in climate emissions, clean up the air in our cities, and give bus owners relief from the rising cost of diesel. With this new funding, BasiGo is ready to bring the benefits of state-of-the-art electric transport to all people in Africa,” Bhattacharya added.
In March 2022, the electric mobility startup launched the first electric passenger bus in the country, revolutionizing the transport industry.
BasiGo’s next 15 electric buses will be delivered in January and will enter operation with many of Nairobi’s largest bus operators.
BasiGo is already deploying high-power, DC fast-charging stations at strategic locations across Nairobi to support this expanded fleet.
The company adds that all buses delivered in 2023 will be locally assembled in Kenya, and aims to have over 1,000 electric buses deployed in Kenya by the end of 2025.
“BasiGo has grown in leaps and bounds since Novastar’s initial investment in February 2022 – a hugely successful 6-month electric bus pilot, 100+ electric bus reservations from Nairobi’s leading public bus operators, local financing agreements with leading Kenyan banks, commercial order and production of 15+ electric buses and a strengthened team,” Novastar Ventures Partner Sapna Shah said.
“We are excited to continue partnering with the exceptional team at BasiGo as they enter this next growth phase and welcome new investors, especially Mobility54 and Trucks VC, to this exciting journey.”