Electric bus maker BasiGo secures $3mn from CFAO to scale up Kenya, Rwanda production

By bne IntelliNews March 27, 2024

Electric bus company BasiGo has secured $3mn worth of equity funding from CFAO Group to scale up production in Kenya and Rwanda.

With operations in over 40 African countries, CFAO owns Africa’s leading automotive distribution network and is already active in the e-mobility industry in East Africa. This year, it launched the first dealership for BYD electric cars in Kigali.

The investment into BasiGo is split between CFAO Kenya and Mobility54, the corporate venture capital arm of CFAO.

 “As a player in the energy and mobility industry in Africa, CFAO recognises the extraordinary opportunity for electric mobility to transform African economies,” said BasiGo Co-Founder and CEO Jit Bhattacharya.

In February, the company completed production of their first locally assembled electric buses. BasiGo aims to deliver 1,000 locally assembled electric buses over the coming three years and has received over 500 orders from bus operators in Nairobi and 100 order from operators in Kigali.

In February 2024, Toyota Tsusho Corporation, CFAO Group, and CFAO Motor Kenya jointly signed a deal to support Kenya achieve carbon neutrality by establishing the green energy value chain, from energy generation to utilisation.

“This is the start of a new era and through this investment, we are not only supporting the growth of the electric vehicle industry, but also contributing to the development of sustainable green energy value chain that will benefit communities across Africa,” said CFAO Kenya Managing Director Akira Wada.

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