BasiGo Secures $42M to Expand Electric Bus Fleet Across East Africa

BasiGo, the leading provider of electric bus solutions in sub-Saharan Africa, has raised $42 million in new capital to scale its electric bus operations across East Africa. This funding consists of $24 million in Series A equity funding, led by Africa50, and $17.5 million in debt financing from British International Investment (BII) and the U.S. Development Finance Corporation (DFC).

Equity and Debt Investment to Drive Growth

The Series A equity round was supported by notable co-investors, including Novastar Ventures, CFAO Kenya, Mobility54, SBI Investment, Trucks VC, Moxxie Ventures, and Susquehanna Foundation. The equity funding unlocks a $10 million debt facility from DFC and an additional $7.5 million debt facility from BII, specifically aimed at expanding BasiGo’s E-bus operations in Kenya and Rwanda.

Scaling E-Bus Deployment Across East Africa

BasiGo’s CEO, Jit Bhattacharya, highlighted the company’s mission of providing clean, electric public transportation in Africa since its founding in 2021. With this new funding, BasiGo aims to deliver 1,000 electric buses across East Africa within the next three years. The capital will also be used to expand BasiGo’s manufacturing capacity at its assembly line at Kenya Vehicle Manufacturers and enhance its innovative Pay-As-You-Drive model, making electric buses more accessible for operators and commuters alike.

BasiGo’s operations are set to expand in Rwanda, where the company has received over 300 bus reservations following its successful pilot of six electric buses. The funds will facilitate the commercial launch of these buses and further electrify public transport in the region.

Strategic Investment for Sustainable Mobility

This investment marks Africa50’s first foray into the e-mobility sector, demonstrating strong confidence in BasiGo’s value proposition. Raza Hasnani, Managing Director at Africa50, emphasized that the investment positions BasiGo as a leader in sustainable transport and green growth across the region.

Seema Dhanani, Head of Office, Kenya and Coverage Director, East Africa at BII, noted that BasiGo’s expansion into Rwanda aligns with their focus on reducing pollution and fostering sustainable economic development through e-mobility initiatives.

Pioneering Electric Transport in Africa

Since its launch in 2021, BasiGo has rapidly transformed public transport in Nairobi, Kenya, by introducing electric buses that reduce greenhouse gas emissions and provide a cleaner commute. As of March 2024, BasiGo buses had transported over 4 million passengers, cutting emissions by over 1,175 tonnes.

This new funding round will further accelerate BasiGo’s efforts to provide cleaner and more sustainable transport options across East Africa, ensuring that the region remains at the forefront of electric mobility innovation.