New Podcast: BasiGo’s Jitt Battacharya & KCB’s Robert Mburu On Financing Electric Buses For Kenya’s Public Service Vehicle (PSV) Operators.
BasiGo is one of Kenya’s first companies that has delved into the public transport sector by offering a novel electric bus proposition that will enable public service vehicle or PSV operators to finance the purchase of the electric buses affordably and cost-effectively from the KCB Bank Group. The electric vehicle or electric mobility space in Kenya is quite nascent and hence this is definitely quite unique!
The whole financing approach is genuinely disruptive in that purchasing an electric bus for public transport operators in Kenya with affordable and sustainable for all stakeholders with the KCB Bank Group offering up to 90% financing over a 36-month period. Indeed as of this writing, BasiGo is offering its 25-seater electric bus for Kes. 5M and already has a backlog of over 100 orders in place.
BasiGo offers a Pay-As-You-Drive subscription at a price of Kes. 20.00 per kilometer driven and they retain ownership of the batteries in the electric bus. The subscription includes service and maintenance, insurance, recharging, and the leasing of the batteries as well! The K6 electric bus that BasiGo is bringing to the market is also state-of-the-art in that it has Internet service built into it, it’s very quiet and comfortable, has security cameras on board, and also requires driver training to ensure optimum utilization.
I had the opportunity to meet BasiGo’s CEO Jitt Battacharya and KCB Bank Group’s Head of Asset Finance Robert Mburu for a conversation on all aspects of their strategic financing partnership for BasiGo’s electric buses in Kenya. We also got to understand how BasiGo has been running an extensive pilot in Nairobi with two of its electric buses at Citi Hoppa and East Shuttle since March 2022 and over 90,000 kilometers were covered and 112,000 passengers carried. In addition, they have avoided over 17,000 liters of diesel fuel consumption and mitigated 42 tonnes of carbon emissions as well as having 98% uptime with daily usage.
At the same time, we learned how KCB Bank Group is part of the Green Climate Fund or GCF which is part of its major push into sustainability as a bank and how this is aligned well with BasiGo’s electric bus proposition in Kenya. It took only 3 months for BasiGo and KCB Bank Group to enter into their financing partnership which is impressive given that BasiGo is an electric mobility startup! Have a listen to learn more about BasiGo’s and KCB Bank Group’s innovative financing partnership to supply electric buses for Kenya’s public transport sector! @ Audio Podcast: https://bit.ly/3Tu8A9S and YouTube Podcast: https://bit.ly/3z6hpi0