Electric mobility startup BasiGo has successfully secured another round of funding, further bolstering its financial standing in the market. Recently appointing Moses Nderitu and Doreen Orishaba as Managing Directors for Kenya and Rwanda respectively, the company announced a substantial investment of KES 396 million from the CFAO Group.
Expressing pride in the achievement, BasiGo revealed that the investment, amounting to USD 3 million, originates from the CFAO Group, renowned for owning Africa’s largest automotive distribution network. This investment signifies a shared vision between BasiGo and CFAO Group for fostering a comprehensive green energy value chain in Africa.
This funding marks a significant addition to the electric bus company’s financial portfolio, following a recent influx of $6.5 million in late 2023. This includes a $5 million debt financing agreement with British International Investment to manufacture 100 electric buses tailored for the Kenyan market. Moreover, BasiGo received a USD 1.5 million (KES 227 million) grant from USAID in November 2023, aimed at facilitating the scaling of its operations in Rwanda.
In November 2022, BasiGo secured an investment of $6.6 million from Mobility54, Trucks VC, Novastar Ventures, and other investors, signaling growing confidence in the startup’s potential. The latest funding from CFAO Group positions BasiGo as a key player in delivering clean and sustainable public transportation solutions across East Africa.
With CFAO Group’s prominence in mobility, healthcare, consumer goods, infrastructure, and energy sectors across Africa, this partnership opens up new avenues for BasiGo’s growth and expansion. Notably, CFAO Mobility in Rwanda recently inaugurated East Africa’s first BYD car dealership in Kigali, emphasizing the region’s increasing focus on electric mobility. Furthermore, BYD’s collaboration with Associated Vehicle Assemblers (AVA) aims to assemble 130 electric vehicles in Kenya, with subsequent plans for BYD to partner with BasiGo to assemble electric buses in Mombasa, reinforcing the commitment to sustainable transportation solutions in the region.
