BasiGo, the Kenyan electric vehicle manufacturer has closed US$42 million in new funding led by Africa50, the pan-African infrastructure investor and asset manager
The funding round consists of US$24 million in Series A equity funding along with US$17.5 million in debt facilities from British International Investment (BII) and the U.S. Development Finance Corporation (DFC).
The equity round features co-investments from Novastar Ventures, CFAO Kenya, Mobility54, SBI Investment, Trucks VC, Moxxie Ventures, and Susquehanna Foundation. The Series A equity round unlocks a $10 million debt facility from DFC for BasiGo Kenya and a new $7.5 million debt facility from BII specifically designed for scaling BasiGo’s E-bus deployment in Rwanda.
“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.” Jit Bhattacharya, CEO of BasiGo remarked.
”The combined equity and debt investment into BasiGo validates our business model and enables BasiGo to focus on scale and profitability. With BII’s support to expand our E-bus model in Rwanda, we are ready to deliver hundreds of modern, emissions-free electric buses across East Africa.”
The capital raised by BasiGo will be put towards the company’s core objective of delivering 1,000 electric buses in East Africa within the next 3 years.
In Kenya, the funds will specifically be used to increase manufacturing capacity at BasiGo’s dedicated E-Bus assembly line located at Kenya Vehicle Manufacturers. The investment will also support the expansion of BasiGo’s Pay-As-You-Drive offering to new vehicle types, and to improve BasiGo’s technology platforms such as Jani which make electric buses more accessible and convenient for passengers.
In December 2023, BasiGo expanded its operations to Rwanda where it is currently operating 6 pilot electric buses on routes inside Kigali as well as inter-city routes serving nearby towns. The newest debt facility from BII will be put towards launching commercial deliveries of E-Buses in Rwanda, where BasiGo has already received over 300 reservations from bus operators.
The total capital raised represents one of Africa’s most significant investments in Electric Mobility.
The investment accelerates BasiGo’s growth trajectory and strengthens its position as a leader in Sub-Saharan Africa’s evolving EV landscape.
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