Kenyan Startup, BasiGo has raised $6.6 million in new seed funding. This is to begin the commercial delivery of locally-manufactured electric buses and charging infrastructure.
BasiGo provides state-of-the-art electric buses along with charging and maintenance services for bus operators. This makes the vehicles affordable through a financing model that allows operators to pay for the battery and charge separately from the bus through a pay-as-you-go financing arrangement.
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Kenyan Startup BasiGo has raised $6.6 million: What Will The Fund Be Used For?
The e-mobility startup, raised $4.3 million in seed funding in February to help it commercialize its business model and begin local arrangement of electric buses.
It has now added $6.6 million to its achievement to begin delivery of these buses and the necessary charging infrastructure.
The just concluded round is led by some tech giants in the industry e.g.,
- Mobility54, the corporate venture capital arm of Toyota Tsusho
- Trucks VC, a transportation-focused venture capital fund in Silicon Valley
- Novastar Ventures, a global VC supporting entrepreneurs’ transformation markets in Africa.
- Moxxie Ventures
- My Climate Journey (MCI)
- Susquehanna Foundation
- Keiki Capital, and OnCapital
What is BasiGo Saying?
Speaking on the seed funding, BasiGo CEO, Jit Bhattacharya said,
“BasiGo is thrilled to have the backing of investors who are leaders in the automotive sector and climate finance. Over 90 percent of Kenya’s electricity already comes from renewables.
“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 diesel high prices.”
He added that, with this new funding, it is ready to “bring the benefits of state-of-the-art electric transport to all people in Africa,”
BasiGo’s Next Plan
Kenyan Startup BasiGo, electric buses will be delivered in January and will enter operation with many of Nairobi’s largest bus operators. It is currently deploying high-power, DC fast-charging stations at strategic locations across Nairobi to support this expanded fleet.
The company also noted that all buses delivered in 2023 will be locally assembled in Kenya and will reach 1,000 electric buses by 2025.
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