Kenyan start-up BasiGo has raised Ksh 806 million in its latest funding.
The start-up managed to raise the funds meant for production of electric buses from a team led by Mobility54.
The latest funding has raised the total amount of money raised by BasiGo in 2022 to more than Ksh 1.3 billion.
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BasiGo CEO Jit Bhattacharya said the funds will enable the start-up to manufacture and deliver locally manufactured electric buses and charging stations.
“BasiGo is thrilled to have the backing of investors who are leaders in the automotive sector and climate finance,” Bhattacharya said.
The company has so far driven more than 110,000 kilometres and carried over 140,000 passengers in Nairobi with two buses it piloted in Nairobi.
The start-up also announced plans to roll-out 100 electric vehicles after securing the funding.
BasiGo has since received 100 reservations from various matatu stakeholders in the country who were looking to partner with them to roll out electric bus services.
“The funding 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
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“BasiGo’s Pay-As-You-Drive model allows owners to purchase an electric bus for a similar upfront cost to a diesel bus,” read the statement in part.
The model requires the operators pay BasiGo Ksh20 per kilometre subscription fee which includes leasing of the E-Bus battery, charging at BasiGo charge stations, and comprehensive service and maintenance provided.
The vehicles will be rolled out in 2023 with the first 15 set to be launched in January.