Kenya’s low-cost new motor manufacturer Mobius Motors has raised an undsiclosed round of funding from Chandaria Industries in a move that will see the firm fulfill its first pre-orders in the local market.
The Chandaria Industries was represented by Darshan Chandaria who told the Business Daily:“We’re excited about this investment because Mobius caters for a market segment in which no other firm is playing. Small businesses are looking for a new car that combines functionality and durability at an affordable price and this is what we are providing in Mobius.”
Chandaria’s round of funding follows the firm’s recent raise of funding from Pan-African Investment Company and the appointment of former Safaricom CEO Michael Joseph as one its marketing advisors.
Mobius Motors designs, manufactures and sells durable and affordable vehicles for Africa’s mass market. The rugged car is suitable for Africa’s degraded roads. The firm has received pre-orders for the Mobius II vehicles and is set to to begin the development of Mobius III, its next-generation vehicle to launch in 2016.
Mobius II is locally assembled in Kenya with the key functionality and durability of an off-road car, fit for travelling and carrying goods for long distances on bumpy dirt roads and will retail at KES 950,000 in Kenya. Mobius aims to empower transport entrepreneurs across Africa not just with more appropriate vehicles, but with the financing and business advice needed to operate a sustainable transport centric business. In short, Mobius is building a revolutionary platform for mobility while promoting job growth in Africa with each new car built and serviced.