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Dodai Secures $4 million in Series A funding for National Shift to Green Mobility
Ethiopia’s rapidly developing electric vehicles (EVs) industry received a big push when Dodai, a leading Addis Ababa-based EV manufacturer, managed to raise $4 million in its recent Series A round of funding.
This investment, which is intended to enhance Dodai’s production capacities and pave the way for the transition to a national eco-friendly transportation system, was a game changer.
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Table of contents
- The Way To Growth: Increasing Production With Fresh Funding
- Dodai’s Vision: A Sustainable Future on Two Wheels
- Beyond Sales: Dodai’s holistic approach to green mobility
- Supportive Environment in Ethiopia: A Driver for Growth in EV Market
- A Collaborative Effort: Dodai, Investors, and the Government Building a Green Road Together
- Our Recommendation
The Way To Growth: Increasing Production With Fresh Funding
The Series A round of funding co-led by Nissay Capital, Musashi Seimitsu, and Inclusion Japan enhances Dodai’s position as an influential player in Ethiopia’s growing Electric vehicle landscape.
The company will allocate 80% of the funds towards key aspects of electric vehicle production, which include importing electric motorcycle parts and lithium batteries. The focused investment will enable Dodai to scale up its production capacity to meet the rising demand for EVs in the country.
The last 20% of the money will be used to cover operational costs and software development.
Optimizing operations will lead to efficient production processes, and software development might pave the way for future exploration of innovative app-based solutions for EV management or ride-sharing services.
Dodai’s Vision: A Sustainable Future on Two Wheels
In 2023, Dodai was founded by Yuma Sasaki, emerging as a top promoter of sustainable transportation in Ethiopia.
Their electric motorcycles can go up to 150 kilometers without having to recharge, making them perfect for city streets and reducing dependence on petrol-driven vehicles.
Moreover, Dodai installs its bikes with long-lasting lithium batteries that have a lifespan of up to eight years.
This results in huge cost savings for consumers in the long term and, at the same time, minimizes environmental impact.
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Beyond Sales: Dodai’s holistic approach to green mobility
Dodai knows that the transition to EVs needs a lot of help.
Recognizing the existing infrastructure limitations, the company provides a rental option to customers who buy their electric scooters on an as-needed basis.
The flexibility in this case widens the range of applications of EVs and encourages more people to switch to eco-friendly transportation systems.
Supportive Environment in Ethiopia: A Driver for Growth in EV Market
The success of Dodai is also supported by the commitment of the Ethiopian government towards green mobility.
The nation has started with a grand plan to install a nationwide network of electric charging stations, which will provide convenient charging facilities for EV users all over the country.
Furthermore, the government has introduced a progressive policy by exempting electric cars from VAT, excise tax, and surtaxes from 2022 onwards.
These measures are significant in reducing the initial cost of EVs and making them more affordable to consumers.
A Collaborative Effort: Dodai, Investors, and the Government Building a Green Road Together
The strategic partnership between Dodai, its investors, and the Ethiopian government is a collective pledge to a greener future.
The Series A funding that helped in the increase of Dodai’s production, along with the support of government policies, paves the way for the widespread adoption of electric vehicles in Ethiopia.
This joint venture has the potential to bring about a revolution in the transportation sector, which will reduce the nation’s carbon footprint and set the course for a more sustainable future.
Dodai is well placed to pioneer Ethiopia’s transition to a green transport sector, one electric motorcycle at a time, thanks to recent funding and an enabling national environment.
The success of this company acts as an eye-opener for other African countries that are considering making similar moves in pursuit of sustainable mobility solutions.
Our Recommendation
