BasiGo, Roam & Mogo to benefit from $30 Million in funding from US DFC

The US International Development Finance Corporation (DFC) has announced that it will be giving $30 Million in loans to BasiGo, Roam and Mogo. The funds are meant to enable the electric vehicle companies to expand their footprint in the country.

DFC which is the US Government development financing arm is in plans to open an office in Nairobi in a bid to facilitate financing of the various sectors in the economy such as agriculture, health, energy, infrastructure among others.

The announcements were made as part of the agreements that have been signed during President Ruto’s trip to the United States.

BasiGo which leases and sells electric buses to public transport operators will receive $1o Million. These funds which will go towards facilitating the purchase of buses and batteries for sale in Kenya.

BasiGo recently secured $3 million in equity funding from CFAO Group (CFAO). It aims to deliver 1,000 locally assembled electric buses in the next three years, creating 300 green manufacturing jobs in Kenya. The company has already received over 500 reservations from bus operators in Nairobi and an additional 100 reservations from bus operators in Kigali, Rwanda.

Roam Electric which also sells electric buses and motorbikes will receive $10 Million. These funds will go towards expanding the production and assembly of electric motorbikes at its Nairobi production facility.

The company recently raised raised $24 million in a Series A funding round. The funds were raised in a bid expand on the assembly of its Move bus model.

Mogo Auto Kenya which specializes in affordable financing options for used cars, logbook loans, Boda Boda and Tuk Tuk loans. Has also received a $10 Million loan that will go towards enabling the company to provide affordable financing for the various vehicles.