BasiGo, a prominent provider of electric bus solutions in sub-Saharan Africa, has just announced a substantial infusion of new capital totaling US$42 million. This financial boost includes US$24 million from a Series A equity funding round and US$17.5 million in debt facilities, contributed by British International Investment (BII) and the U.S. Development Finance Corporation (DFC). Africa50, an influential pan-African infrastructure investor, led the equity funding, making a historic investment in an African e-mobility company.
The equity round also saw participation from several co-investors, including Novastar Ventures, CFAO Kenya, Mobility54, SBI Investment, Trucks VC, Moxxie Ventures, and the Susquehanna Foundation. This funding unlocks a $10 million debt facility from DFC for BasiGo Kenya and introduces a new $7.5 million debt facility from BII to expand BasiGo’s electric bus deployment in Rwanda.
Jit Bhattacharya, CEO of BasiGo, expressed excitement over Africa50’s investment, which he sees as a validation of BasiGo’s business model and a catalyst for the company’s growth and profitability. With BII’s backing, BasiGo is set to deploy hundreds of zero-emission electric buses throughout East Africa.
The newly acquired funds will help BasiGo achieve its ambitious goal of rolling out 1,000 electric buses in East Africa over the next three years. In Kenya, the investment will enhance the manufacturing capabilities at BasiGo’s E-Bus assembly line and extend its innovative Pay-As-You-Drive service to additional vehicle types, while also upgrading its technology platforms to make electric buses more accessible and user-friendly for passengers.
Raza Hasnani, Africa50’s Managing Director and Head of Infrastructure Investments, praised the investment as a pioneering move in the e-mobility sector and a driver of sustainable development in Kenya and Rwanda. Steve Beck from Novastar Ventures also lauded BasiGo’s progress and the strong investor confidence reflected in this latest funding round.
In December 2023, BasiGo broadened its reach to Rwanda, where it has been running pilot electric buses in Kigali and on inter-city routes. The new debt facility from BII will support the commercial delivery of E-Buses in Rwanda, where BasiGo has already secured over 300 reservations from bus operators.
Seema Dhanani from BII highlighted the importance of BasiGo’s expansion into Rwanda for electrifying public transport and addressing climate change, aligning with BII’s commitment to promoting e-mobility for sustainable economic growth. This investment marks a significant milestone in Africa’s electric mobility sector, propelling BasiGo’s growth and reinforcing its leadership in the electric vehicle market of Sub-Saharan Africa.
