BasiGo, the first company to introduce electric buses into Kenya, has announced $6.6 million close to Sh806m in new funding.
The investors include 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.
The round also includes investment from Moxxie Ventures, My Climate Journey (MCJ), Susquehanna Foundation, Keiki Capital, and OnCapital.
“BasiGo is thrilled to have the backing of investors who are leaders in the automotive sector and climate finance,”
“Over 90% of Kenya’s electricity already comes from renewables. Yet Kenya’s transport sector relies entirely on imported petroleum fuels. 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.” said Jit Bhattacharya, CEO of BasiGo.
The new round brings BasiGo’s total funding in 2022 to $10.9m.
“We strongly believe in the potential of electric buses in Africa”
“BasiGo’s strong capability to implement the concept and its cutting-edge technology is the key to transforming conventional diesel buses to environmentally friendly electric buses. We are extremely excited to build a solid partnership with BasiGo, and to support their growth by fully leveraging the business assets under Toyota Tsusho and CFAO.” Takeshi Watanabe – CEO of Mobility54 said in a statement
BasiGo’s Pay-As-You-Drive model allows owners to purchase an electric bus for a similar upfront cost to a diesel bus. Operators then pay BasiGo a KES 20 ($0.17) per kilometre subscription fee which includes leasing of the E-Bus battery, charging at BasiGo charge stations, and comprehensive service and maintenance provided by BasiGo.
“At Trucks, we back entrepreneurs building the future of transportation. We invested in BasiGo because their Pay-As-You-Drive platform is the key to electrifying and modernising the massive informal public transport market in Africa,” stated Jeff Schox, General Partner of Trucks VC.
BasiGo’s next 15 electric buses will be delivered in January and will enter operation with many of Nairobi’s largest bus operators.