BasiGo has announced a major $3 million equity investment from CFAO Group, one of Africa’s largest automotive distribution networks.
The deal is set to accelerate the rollout of BasiGo’s electric bus services across Kenya and Rwanda.
“We are proud to welcome CFAO to the BasiGo mission of creating the future of clean, electric public transport across Africa,” stated BasiGo in their announcement. “With the backing of a market leader like CFAO, our customers and partners can trust that BasiGo is ready to deliver high quality vehicles and services at scale.”
CFAO, a subsidiary of Japanese corporation Toyota Tsusho, has operations in 40 African countries focused on mobility, renewable energy, consumer goods, and healthcare. The $3 million investment will be split between CFAO Kenya and Mobility54, CFAO’s corporate venture capital fund.
“We are excited to announce our partnership with BasiGo in spearheading the future of sustainable transportation,” said CFAO. “CFAO Kenya is committed to carbon neutrality with a dedication to enhancing production, distribution, and efficient utilization of clean energy.”
The investment comes as demand for affordable and environmentally-friendly transport solutions is rapidly rising across African cities grappling with worsening air pollution, traffic congestion, and lack of reliable public transit options.
BasiGo already has a fleet of locally-assembled electric buses operating in Nairobi and plans to expand to other cities in Kenya and Rwanda in the coming years. The company’s pay-as-you-go model allows bus operators to access electric vehicles without the upfront purchase costs.
“Our joint investment in electric buses is not just a step towards greener cities but a commitment to shaping a cleaner, brighter future for the children of Africa,” stated CFAO about the partnership.
BasiGo and CFAO say they aim to collaborate in building a complete “green value chain” in Africa by combining BasiGo’s electric buses with CFAO’s expertise in renewable energy generation and automotive distribution across the continent.