BasiGo raises US$42M to boost electric public transport in sub-Saharan Africa

KENYA – BasiGo, a leading provider of electric bus solutions in sub-Saharan Africa, has successfully raised US$42 million in new funding.

This round includes US$24 million in Series A equity funding and US$17.5 million in debt facilities from British International Investment (BII) and the U.S. Development Finance Corporation (DFC).

Africa50, a pan-African infrastructure investor, led the equity round, marking a notable investment from an African fund in the e-mobility sector.

Novastar Ventures, CFAO Kenya, Mobility54, SBI Investment, Trucks VC, Moxxie Ventures, and the Susquehanna Foundation also participated in the Series A equity round.

This investment unlocks a US$10 million debt facility from DFC for BasiGo’s Kenyan operations and a US$7.5 million debt facility from BII, which is aimed at scaling the company’s electric bus deployment in Rwanda.

Jit Bhattacharya, CEO of BasiGo, expressed enthusiasm about the company’s progress, saying, “Since founding BasiGo in 2021, our mission has been to shape the future of clean, electric public transport in Africa.

“We’re excited that Africa50, a premier African infrastructure fund, recognizes the potential of our mission. This combined equity and debt investment validates our business model and allows us to scale our operations profitably.

“With BII’s backing, we’re prepared to deliver hundreds of emissions-free electric buses across East Africa.”

The newly secured capital will be directed toward BasiGo’s goal of delivering 1,000 electric buses in East Africa over the next three years.

In Kenya, the funds will specifically enhance manufacturing capacity at BasiGo’s assembly line at Kenya Vehicle Manufacturers and support the expansion of their “Pay-As-You-Drive” offering to more vehicle types.

Additionally, BasiGo plans to improve its technology platforms, such as Jani, which enhance passenger convenience.

Raza Hasnani, Managing Director and Head of Infrastructure Investments at Africa50 added: “We are delighted to make our first investment in the e-mobility space, supporting the greening of public transport in Kenya and Rwanda.

“BasiGo is well-positioned to scale across East Africa and beyond, thanks to its world-class engineering and operational teams, strong value proposition, and the strategic partners it has attracted.”

In December 2023, BasiGo expanded its operations to Rwanda, operating six pilot electric buses on routes in Kigali and nearby towns.

With over 300 reservations from Rwandan bus operators, the new debt facility from BII will support commercial deliveries of electric buses in Rwanda.

Seema Dhanani, Head of Office at BII Kenya, commented: “We are pleased to support BasiGo’s expansion into Rwanda. This marks a key milestone in electrifying public transport, reducing pollution, and combating climate change—objectives that align with our commitment to fostering sustainable economic growth.”

This investment further solidifies BasiGo’s position as a leader in Africa’s electric vehicle landscape, accelerating its growth and transitioning to cleaner public transportation across the region.

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