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Kenyan electric vehicle start-up BasiGo raises Sh488m for local assembly
Nairobi-based electric car start-up BasiGo has secured Sh488.6 million ($4.3 million) in a second round of investment to help it develop its sustainable transportation company.
The funding will be used to hasten public transportation operators' transition to electric vehicles by establishing a local assembly for buses, according to the business.
By assembling the car locally, the firm will be able to take advantage of a 25% import duty exemption on the vehicle parts.
This means that the corporation will no longer import buses from a Chinese automaker as part of its effort to supply ecologically friendly and less expensive alternatives to diesel.
BasiGo entered the market in November of last year and raised Sh100 million in startup capital.
Novastar Ventures led the second round of fundraising, which included participation from Silicon Valley investors such as Moxxie Ventures, Nimble Partners, Spring Ventures, Climate Capital, and Third Derivative.
"The backing and knowledge of this investment group will catalyse BasiGo's aim to make East Africa a pioneer in inclusive, sustainable bus transportation," stated Jit Bhattacharya, BasiGo's CEO and co-founder.
The company intends to offer the electric buses for the same price as an identical diesel bus.
The battery and charging will then be paid for separately by the operators using the "pay-as-you-drive" finance approach.
It intends to deploy over 1,000 domestically made electric buses in Nairobi over the next five years using this architecture.
BasiGo has acquired two 25-seat electric buses from the Chinese company BYD Automotive, which will begin pilot operations with select transport operators in Nairobi in March. The buses will be able to go 250 kilometres on a single charge.
The country's migration to electric cars is gradually gathering traction, with more investors examining the field.
Opibus, a Kenyan engine converter, obtained Sh834.37 million ($7.5 million) in equity and grant investment last year to expand manufacture of electric motorbikes and buses in Kenya.
The company turns diesel and gasoline engines into electric motors, lowering fuel costs and CO2 emissions.
Posted on : 26 Dec,2024 | News Source : adqz.co
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