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Kenya’s BasiGo Raises $6.6M In New Funding From Leading Autotech Investors

November 16, 2022

BasiGo, Kenya’s first electric bus company, has announced $6.6 million in new funding led by Mobility54, Toyota Tsusho’s corporate venture capital arm; Trucks VC, a transportation-focused venture capital fund in Silicon Valley; and Novastar Ventures, a global VC supporting entrepreneurs transforming African markets. Moxxie Ventures, My Climate Journey (MCJ), Susquehanna Foundation, Keiki Capital, and OnCapital also contributed to the round. BaisGo’s total funding in 2022 now stands at $10.9 million, allowing the company to begin commercial delivery of locally manufactured electric buses and charging infrastructure via the company’s unique Pay-As-You-Drive financing model.

“BasiGo is thrilled to have the backing of investors who are leaders in the automotive sector and climate finance,” said Jit Bhattacharya, CEO of BasiGo. “Over 90% of Kenya’s electricity already comes from renewables. Yet Kenya’s transport sector relies entirely on imported petroleum fuels. 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 the rising cost of diesel. With this new funding, BasiGo is ready to bring the benefits of state-of-the-art electric transport to all people in Africa.”

Why The Investors Invested

Kenya’s public transportation system includes approximately 100,000 privately operated buses and minibuses known as matatus. As part of a fleet operation with two Nairobi bus operators, Citi Hoppa and East Shuttle, BasiGo’s electric buses have travelled over 110,000 kilometres and carried over 140,000 passengers. BasiGo has already had over 100 client reservations and recently announced collaborations with KCB Bank and Family Bank to give owners with up to 90% financing for the purchase of an electric bus.

“We strongly believe in the potential of electric buses in Africa” Takeshi Watanabe — CEO of Mobility54 said in a statement. “BasiGo’s strong capability to implement the concept and its cutting-edge technology is the key to transforming conventional diesel buses to environmentally-friendly electric buses. We are extremely excited to build a solid partnership with BasiGo, and to support their growth by fully leveraging the business assets under Toyota Tsusho and CFAO.”

“At Trucks, we back entrepreneurs building the future of transportation. We invested in BasiGo because their Pay-As-You-Drive platform is the key to electrifying and modernising the massive informal public transport market in Africa,” commented Jeff Schox, General Partner of Trucks VC.

Sapna Shah, Partner with Novastar Ventures shared: “BasiGo has grown in leaps and bounds since Novastar’s initial investment in February 2022 — a hugely successful 6-month electric bus pilot, 100+ electric bus reservations from Nairobi’s leading public bus operators, local financing agreements with leading Kenyan banks, commercial order and production of 15+ electric buses and a strengthened team. We are excited to continue partnering with the exceptional team at BasiGo as they enter this next growth phase and welcome new investors, especially Mobility54 and Trucks VC, to this exciting journey.”

A Look At What The Startup Does

BasiGo, founded in 2021 by Jit Bhattacharya, uses a Pay-As-You-Drive strategy that allows owners to buy an electric bus for the same upfront cost as a diesel bus. Operators then pay BasiGo a subscription cost of KES 20 ($0.17) per kilometre, which includes leasing the E-Bus battery, charging at BasiGo charge stations, and comprehensive care and maintenance from BasiGo. With recent fuel price increases in Kenya, Nairobi bus operators are now paying an estimated KES 30–50 ($0.25-$42) per kilometre for diesel fuel alone.

The next 15 electric buses from BasiGo will be delivered in January and will begin service with many of Nairobi’s leading bus companies. To accommodate this expanding fleet, BasiGo is already constructing high-power, DC fast-charging stations in strategic places throughout Nairobi. According to the company, all buses delivered in 2023 will be locally assembled in Kenya, and the company plans to have over 1,000 electric buses in Kenya by the end of 2025.

BasiGo funding BasiGo funding

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Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh

Here’s How Kenyan EV Startup BasiGo Plans To Finance Lease Of Its Electric Buses

October 22, 2022

BasiGo, an electric bus supplier, has inked a finance agreement with KCB Bank to expand operations in Nairobi following a seven-month test.

BasiGo, an electric bus supplier, has inked a finance agreement with KCB

Bank to expand operations in Nairobi following a seven-month test.

Jit Bhattacharya, CEO and co-Founder at BasiGo

The Kenyan bank will issue a three-year credit facility covering up to 90% of the Sh5 million purchase price for the electric buses.

The business, which began operations in Nairobi in March 2022 in conjunction with Citi Hoppa and East Shuttle, claims that the electric buses have travelled 90,000 kilometres and carried over 112,000 passengers.

According to the firm, it has received over 100 bookings for its K6 electric bus and plans to ramp up production next year, working with KCB to target passenger service vehicles.

“The key to getting electric buses on the road in Kenya is to make them affordable to PSV owners. The partnership we have signed today with KCB Bank is game-changing. It will allow bus owners to secure asset financing for an electric bus exactly in line with how they have been purchasing diesel buses.,” said Jit Bhattacharya, CEO and co-Founder at BasiGo.

Here Is What You Need To Know

BasiGo offers electric buses either directly or through a leasing scheme, and the firm owns the bus’s battery.

The battery is then leased to the PSV operator via a Sh20-per-kilometer Pay-As-You-Drive subscription.

According to BasiGo, they decrease PSV operators’ risks by guaranteeing battery performance and providing all charging and maintenance for the vehicle.

Electric vehicles are drawing the financial muscle of lenders looking to secure green funding while adhering to Environment Social Governance (ESG) laws.

As a result of climate change activism and the rise in global oil costs, NCBA Group has established a Sh2 billion electric vehicle financing programme.

Customers will benefit from asset financing of up to 80% of the entire cost under the five-year agreement.

Furthermore, for electric vehicle loan applications received within the first 90 days, NCBA will offer a ten percent interest rate on a lowering debt.

In addition to banks, E-mobility firms are utilising purchase now pay later companies such as M-Kopa and Watu finance for smaller motorbike and tuktuk units.

Electric motorbike manufacturers are partnering with asset financing lenders to increase sales to boda boda riders in Kenya.

Roam, a Swedish-Kenyan technology firm, has teamed up with M-Kopa to produce a fleet of motorbikes by the end of 2022, in time for broad deployment in early 2023.

ARC Ride Kenya, which opened a factory in Kenya to produce 500 two- and three-wheeled electric scooters and bikes each month, also collaborated with MKopa and Watu finance to provide the product with flexible financing conditions.

As firms like Arc Ride and BasiGo work to bring inexpensive electric vehicles to market, a new business is emerging: battery charging centres, which will eventually replace petrol stations.

Kenya Power announced plans to build electric charging stations for households, companies, and the general public around the country as the transition to sustainable transportation gains traction.

During off-peak hours, the electrical distributor claims to have enough power to charge 50,000 buses and two million motorbikes.

To trial the charging stations, the state-owned power provider is looking for a company to create an e-mobility network infrastructure system (ENIS) in Nairobi and Nakuru.

Kenya Electricity Generating Company (KenGen) has recently erected an electric car charging station in Nairobi, joining other stakeholders in the e-mobility drive.

BasiGo electric buses BasiGo electric buses

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Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh

Three-month-old Kenyan Electric Mobility Startup BasiGo Lands $4.3m Seed Round

February 9, 2022

Three months after launching operations in East Africa’s largest economy, Kenya-based electric vehicle company BasiGo has raised $4.3 million in seed funding to provide clean-energy mass transport vehicles in a country that is highly reliant on fossil-fuel buses.

“We are thrilled to be partnering with Novastar, Moxxie, and this incredible group of investors, all of whom are deeply experienced in rapidly scaling businesses in this market. They understand this extraordinary moment of opportunity and urgency as time runs out for the world to make a meaningful impact on climate emissions,” said BasiGo co-founder and CEO, Jit Bhattacharya. “With East Africa’s abundant renewable energy, this market can leapfrog to clean, modern electric transit at the exact moment that African cities emerge as the next center of economic growth. The support and knowledge of this investor group will catalyze BasiGo in its mission to make East Africa a leader in inclusive, sustainable bus transport.”

Novastar Ventures led the investment, which included Moxxie Ventures, Nimble Partners, Spring Ventures, Climate Capital, and Third Derivative, as well as a number of existing and new Silicon Valley investors. The $4.3 million includes $930,000 from the pre-seed round, which took place late last year.

The new financing will be used to establish an assembly plant in Nairobi and to begin selling and delivering its electric buses, according to the startup. BasiGo has already established a charging and repair station near the country’s principal airport, Jomo Kenyatta International Airport, in Nairobi. For the experimental program, it has also imported two electric buses.

Why The Investors Invested

Bhattacharya’s experience in the EV space was instrumental to this investment. For more than 12 years, Bhattacharya has been a technology pioneer in rechargeable (lithium-ion) batteries. He has held executive positions at Mission Motors in Silicon Valley, Project Titan — Apple Inc’s secret electric car project, and Fenix International, a firm that makes off-grid home solar systems. BasiGo’s chief financial officer, Green, has spent the previous 15 years collaborating with a variety of companies to bring sustainable energy solutions to African consumers.

“We are excited to partner with BasiGo and support the team’s audacious vision to transform the public bus transport sector in Africa. Our investment will accelerate the adoption of electric buses through an innovative finance model, leading to a vastly improved experience for commuters as well as better air quality in dense urban neighborhoods”, said Novastar Ventures partner Sapna Shah.

A Look At What The Startup Does

Founded in 2021 by Jit Bhattacharya and Jonathan Green, over the next five years, BasiGo expects to offer over 1,000 mass transit electric vehicles to Nairobi’s transportation operators. The business will provide drivers pay-as-you-drive credit alternatives as well as maintenance and charging services to boost the adoption of these vehicles.

BasiGo will launch the pilot program next month, joining Swedish-Kenyan EV firm Opibus, whose first locally-manufactured electric bus debuted on Kenyan roads three weeks ago. Both companies have their sights set on the mass transit industry, which is steadily transitioning to cleaner energy sources.

BasiGo will assemble its electric buses in-house, with parts purchased from China’s BYD Automotive. The buses will be available in 25 and 36-seater configurations, with a range of roughly 250 kilometers.

The Kenyan government announced a week ago that its Bus Rapid Transit (BRT) network, a bus-based public transportation system in Nairobi, will only be operated by green (electric, hybrid, and biodiesel) vehicles, presenting a huge business opportunity for EV manufacturers like Opibus and assemblers like BasiGo. Opibus has been converting gasoline and diesel vehicles to electric for the past five years, but it is now expanding into the creation of new vehicles in addition to e-motorcycles.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer

Why EV Startup BasiGo Chose Kenya For Its Launch Amid $1m In Pre-seed Funding

November 6, 2021

BasiGo, an electric car company, has announced the opening of its operations in Nairobi, Kenya. The startup plans to offer a sustainable energy alternative to the public transportation market, which is now dominated by fossil-fuel matatus and buses.

The company plans to start selling electric buses constructed in the United States with parts from BYD Automative, a Chinese electric vehicle manufacturer. The buses will seat 26 or 36 people and have a range of 250 kilometers, allowing them to conduct round trips.

“For years, diesel-powered buses have been the only viable solution for bus operators in Kenya. We are excited to provide public transport operators with a new option: state-of-the-art electric buses that are more affordable, and reliable, and reduce bus operator exposure to the rising costs of diesel fuel,” said BasiGo CEO and co-founder Jit Bhattacharya.

BasiGo also received $1 million in pre-seed funding, from BasiGo a number of investors including Climate Capital, a Silicon Valley venture capital firm, and Third Derivative, an accelerator focused on climate-technology.

The company plans to introduce the first buses in Kenya later this year, with a flexible financing model that allows interested customers to purchase the buses for the same price as standard gasoline buses. The model also allows for payment in installments.

“The cost of electric bus technology has come down dramatically over the last 10 years, to the point where electric buses can offer significant savings compared to fossil-fuel buses. Our goal is to help bus owners in Kenya realize these savings, and in the process, help Kenya become a global leader in sustainable public transport,” said Bhattacharya.

BasiGo’s COO, Alex Mwaura, indicated that the business plans to power public transportation with Kenya’s renewable energy resources.

“Kenya is unique in that we have a surplus of renewable energy which can be taken advantage of by the public transport sector to make it more sustainable going forward. Nairobi’s transportation sector is evolving rapidly, and we look forward to partnering with the government and relevant agencies to grow the infrastructure for electrified public transit.”

Following the introduction in Kenya, BasiGo intends to expand into other East African countries.

BasiGo CEO and co-founder Jit Bhattacharya has been a technology pioneer in rechargeable (lithium-ion) batteries for more than 12 years; therefore he is no stranger to the world of electric vehicles. During his career, he served as the CEO of Mission Motors in Silicon Valley and as a senior manager at Project Titan, Apple Inc.’s covert electric car project. He was most recently the chief technical officer of Fenix International, a firm that made off-grid solar home systems that was acquired by the French multinational electric utility ENGIE in 2018.

Jonathan Green, another BasiGo founder, has spent the last 15 years assisting entrepreneurs in delivering renewable energy solutions to African people. He was most recently the strategy and operations director at Fenix International, where he oversaw the delivery of over 500,000 pay-as-you-go solar systems to clients in six African regions.

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Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning write