Our Investment in BasiGo
Cost-effective electric alternative to diesel bus transportation
As the world's second-largest and second-most populous continent, Africa’s population is expected to reach 2.5 billion people by 2050. In many African cities, diesel buses account for almost half of all passenger trips. While public transportation is more affordable and accessible to commuters, it comes at an additional cost when tailpipe emissions from diesel buses further exacerbate toxic air pollution and rampant carbon levels in our atmosphere. Additionally, diesel prices in countries like Kenya have risen substantially this year, with devastating impacts and no sign of abating. To meet growing mobility needs and ensure a just transition, African cities need a sustainable mobility revolution.
At MCJ Collective, we understand that supporting the clean energy transition means backing companies across the globe, especially those in emerging markets. When it comes to transportation in East Africa, replacing diesel buses with an electric alternative presents a huge opportunity to position the region as a leader in clean, affordable transit. Especially in a country like Kenya where nearly 90% of its electricity comes from renewable sources. EVs could offer salvation for commercial vehicle operators, and the transportation system at large, from one of the greatest shocks the country has experienced post-pandemic.
BasiGo is addressing clean transportation throughout Kenya with their K6 electric bus product and pay-as-you-drive financing for operators. Their complete e-bus solution includes charging, maintenance, and monitoring to ensure all bus operators and passengers travel safely and comfortably. We’re delighted to invest in Jit Bhattacharya, Jonathan Green, and the entire BasiGo team as they revolutionize public transportation in Kenya.
What is BasiGo?
BasiGo is an e-mobility start-up looking to revolutionize the transportation sector by providing public transport to bus owners with a cost-effective, electric alternative to diesel. BasiGo’s K6 electric bus is the first of its kind in Kenya. The 25-seat K6 electric bus allows operators in Kenya the freedom from diesel, improved reliability, comprehensive monitoring, and an improved experience for passengers. The company has been piloting the K6 electric bus with a few partners and more recently, has collaborated with Kenya's largest commercial bank to finance buses for public transport operators. In just a few months, BasiGo’s K6 bus has driven over 100,000 km and transported more than 130,000 passengers, all with less than one day of downtime. And the company has already received over 100 reservations for electric buses from owners.
Through their pay-as-you-drive program, BasiGo is making EVs as accessible and affordable as traditional diesel buses by financing the value of the battery separate from the value of the bus. Owners purchase the electric bus and then lease the battery from BasiGo through a subscription fee based on kilometers driven. The subscription service also includes nightly charging of the battery, all service and maintenance expenses for the bus, customer care, and roadside assistance, as well as free battery replacements in the event of an issue. BasiGo’s simplified business model gives owners peace of mind and accelerates the transition for Kenya’s transportation system by making the upfront price of the electric bus equal to a diesel bus
Why Did We Invest?
Compelling Founder-Market Fit
Headquartered in Nairobi, Kenya, the BasiGo team is strategically composed of seasoned entrepreneurs with decades of experience working and innovating within electric vehicle technology, mobility in Africa, and renewable energy financing.
BasiGo’s co-founder and CEO, Jit Bhattacharya, has been a technology leader in EVs and Li-ion batteries for over 12 years. Prior to starting the company, Jit served as CTO of Fenix International, a Pay-As-You-Go solar home system company bringing modern energy into low-income homes in rural Africa. Jit also served as a Principal with Factor[e] Ventures, an impact investment venture fund that was one of the pioneering investors in e-mobility in Africa. Jit holds a MS in mechanical engineering from Stanford and a MBA from the University of California at Berkeley.
The company’s co-founder and CFO, Jonathan Green, previously worked at Fenix International as Business Intelligence and Strategy Director. During his time at Fenix International, Jonathan helped develop the financing model for the B2C solar home system product the company was selling. He also served as their de-facto CFO during the company’s acquisition. Jonathan holds an MSc in sustainable development from the University of Exeter and a BSc in financial mathematics from Brunel University London.
Supporting EV Transition in Emerging Markets
Transportation accounts for 17% of global emissions and is considered one of the fastest growing sources of emissions worldwide. Hundreds of millions of ICE and diesel vehicles are used to transport products, produce, people and more. To fully realize our shared clean energy future, we need to support companies addressing transportation around the world. We’re excited to add BasiGo to our list of companies working to accelerate the EV transition in a growing region like East Africa.
Additional Resources
If you are an accredited investor and want to learn more about being an investor in our fund (to back more great companies like this one!), reach out here, and include desired quarterly commitment level, accredited investor status, and info on your background and how you could be helpful to the portfolio.