BasiGo, an electric bus company based in Kenya, has raised $42 million in new capital. This includes $24 million from a Series A equity funding round led by Africa50, and $17.5 million in debt from the British International Investment (BII) and the U.S. Development Finance Corporation (DFC).
Details
The funds will be channeled toward the deployment of 1,000 electric buses across East Africa over the next three years and the expansion of BasiGo’s operations into new markets and vehicle types.
The Series A equity funding was supported by notable investors such as Novastar Ventures, CFAO Kenya, Mobility54, SBI Investment, Trucks VC, Moxxie Ventures, and Susquehanna Foundation.
The funding has unlocked a $10 million debt facility from the DFC for BasiGo Kenya and an additional $7.5 million from BII, designated for the scaling of electric bus operations in Rwanda.
The Big Picture
The capital will fast-track the deployment of electric buses and improve the infrastructure, including BasiGo’s E-Bus assembly line at Kenya Vehicle Manufacturers.
To add on that, the funds will strengthen their Pay-As-You-Drive offering, which has made electric vehicles more affordable and accessible to the region’s transport operators.
What They’re Saying
“Since we founded BasiGo in 2021, our mission has been to create the future of clean, electric public transport in Africa. We are thrilled to have Africa50, a premier African infrastructure investment fund, recognize the potential of our mission,” remarked Jit Bhattacharya, CEO of BasiGo.
“This investment validates our business model and enables BasiGo to focus on scale and profitability.”
“We believe BasiGo is well-positioned to scale in East Africa and beyond.As the largest investment to date by an African fund in an e-mobility company, we are proud to support innovation that drives green growth and development in the region,” Africa50’s, Managing Director and Head of Infrastruture Investments, Raza Hasnani , noted.
Steve Beck, Managing Partner at Novastar Ventures commented, “As an early investor in BasiGo, we are immensely proud of the team’s continued progress towards transforming the public bus transport sector in Africa, delivering improved experience for commuters and substantial environmental benefits. This latest funding round is a testament to the strong investor confidence in BasiGo’s business model, value proposition and customer demand as it expands its operations and leads the way in sustainable transportation in Africa.”
Source: CIO Africa
