The family of Manu Chandaria, one of Africa’s richest men, has become the latest investor to inject capital into low-cost car maker, Mobius Motors. This comes just months after American billionaire, Ronald Lauder invested an undisclosed sum in the company.

“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,” Business Daily quoted Darshan Chandaria, a director of Chandaria Industries as saying.

Darshan, whose grandfather Manu was listed in the just released The Richest People in Africa, compiled by Ventures Africa, brokered the deal. He said Chandaria Industries thought deeply about the prospects and has carried out extensive research before investing in the company.

Chandaria industries is widely known in the Kenyan manufacturing sector for fast moving consumer goods, but Darshan said the new investment remains in line with Chandaria’s focus on SMEs.

29-year-old British entrepreneur, Joel Jackson, who has lived in Kenya since 2009, is the brain behind the low-cost vehicle. The first batch of which will be delivered next month to customers who pre-ordered last year.

Kenya Vehicle Manufacturers (KVM), based in Thika, an industrial town in Kiambu County, is in charge of assembling the cheap vehicles priced at Sh950,000 ($10,620), excluding VAT.

Darshan expects the new investment to help boost Chandaria Industries’ revenue base, as it taps into Kenya’s growing motor market.