(3 Minutes Read)
BasiGo has received USD 3 million (Sh394.5 million) in equity funding from CFAO Group, a mobility industry player wholly owned by Japan-based Toyota Tsusho Corporation, to ramp up the assembly and delivery of electric buses in the local market and Rwanda.
BasiGo has received USD 3 million (Sh394.5 million) in equity funding from CFAO Group, a mobility industry player wholly owned by Japan-based Toyota Tsusho Corporation, to ramp up the assembly and delivery of electric buses in the local market and Rwanda. The capital injection is split between CFAO Kenya and Mobility54, the corporate venture capital arm of CFAO.
We are honoured to have CFAO as our partner in the electrification of public transport in Africa. As a leader in both 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.
With CFAO’s strength and experience in the mobility industry, customers/operators can trust that BasiGo is ready to deliver competitive, high-quality e-bus solutions at scale, a company press release says.
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https://trendsnafrica.com/pay-as-you-drive-financing-model-electric-buses-in-rwanda/
The investment adds to the Sh804.5 million that BasiGo received from venture capitalists in Silicon Valley in 2022 to aid in the launch of local assembly of electric buses and charging infrastructure, before bagging another round of USD 5 million (Sh660 million at current exchange rates) in debt funding last year from a UK investor to ramp up local assembling of the buses.
