Home General Kenya: BasiGo Raises Sh804.5 Million to Build More Electric Buses, Charging Stations

Kenya: BasiGo Raises Sh804.5 Million to Build More Electric Buses, Charging Stations

by kenya-tribune
5 views

Nairobi — 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.