BasiGo, the leading electric bus solutions provider in sub-Saharan Africa, has successfully secured $42 million in new funding to accelerate its growth and further its mission to expand clean, electric public transport in East Africa.
The funding consists of $24 million in Series A equity and $17.5 million in debt facilities from British International Investment (BII) and the U.S. Development Finance Corporation (DFC). Africa50, a major pan-African infrastructure investor, led the equity round, marking a landmark investment in e-mobility from an African fund.
Key participants in the Series A equity round include Novastar Ventures, CFAO Kenya, Mobility54, SBI Investment, Trucks VC, Moxxie Ventures, and Susquehanna Foundation. This equity investment unlocks a $10 million debt facility from DFC for BasiGo’s operations in Kenya and a new $7.5 million debt facility from BII aimed at expanding BasiGo’s E-bus deployments in Rwanda.
Pay-As-You-Drive model
BasiGo’s CEO, Jit Bhattacharya, highlighted the importance of Africa50’s backing in validating the company’s mission to scale clean public transportation. With this funding, BasiGo aims to deploy 1,000 electric buses across East Africa over the next three years, focusing on increasing production at its E-bus assembly line in Kenya and expanding its Pay-As-You-Drive model to additional vehicle types.
Africa50’s Raza Hasnani emphasized that the investment underscores BasiGo’s potential to lead sustainable growth in the region’s public transport sector. The funding round, one of the largest for an African e-mobility company, supports BasiGo’s position as a prominent player in sub-Saharan Africa’s EV sector.
BasiGo recently began operating six pilot electric buses in Kigali, Rwanda, where it has already received over 300 reservations from bus operators. This latest funding will enable BasiGo to commence commercial E-bus deliveries in Rwanda and further enhance its operations in Kenya.