BasiGo, a key player in the electric mobility sector across sub-Saharan Africa, has secured $42 million in fresh capital to fuel its expansion plans. The funding consists of $24 million in Series A equity and $17.5 million in debt facilities. The equity round was led by Africa50, a prominent pan-African infrastructure investor, marking its first significant investment in the e-mobility sector. Co-investors include Novastar Ventures, CFAO Kenya, Mobility54, SBI Investment, Trucks VC, Moxxie Ventures, and the Susquehanna Foundation.
The capital raised will help BasiGo achieve its ambitious goal of deploying 1,000 electric buses across East Africa over the next three years. Funds will also be directed toward expanding manufacturing at its E-Bus assembly line in Kenya, a key step to scaling operations. Additionally, the financing unlocks a $10 million debt facility from the U.S. Development Finance Corporation (DFC) for BasiGo Kenya and another $7.5 million from British International Investment (BII) to support E-bus deployments in Rwanda.
BasiGo’s CEO, Jit Bhattacharya, expressed excitement over the investment, stating that the backing validates their business model and positions the company for substantial growth across East Africa. Bhattacharya emphasized that the company will focus on expanding its Pay-As-You-Drive model, which separates the battery cost from vehicle purchases, making electric buses more accessible to operators. BasiGo also aims to improve its technology platforms, such as the Jani system, to enhance commuter efficiency.
Read also: BasiGo Unveils Kenya’s First Electric Bus Assembly Line.
Ireme Invest, the green investment arm of the Rwanda Green Fund, provided BasiGo Rwanda with a RWF 300 million (USD 225,000) recoverable grant to support their efforts to electrify Kigali’s public transportation. This grant is pivotal in upgrading the charging infrastructure necessary for supporting the growing fleet. A new charging station capable of supporting 20 electric buses overnight will be established, addressing a critical need as the company moves forward in Rwanda.
In Rwanda, BasiGo is scaling up from pilot projects to commercial operations. Since launching in December 2023, BasiGo has received over 300 reservations for electric buses from Rwandan bus operators, solidifying its position as a leader in the region’s shift to sustainable transport.
Kenya is gaining momentum as BasiGo recently opened the country’s first dedicated electric bus assembly line at the Kenya Vehicle Manufacturers (KVM) plant in Thika. This milestone coincides with Kenya’s draft National E-mobility Policy, aimed at promoting local EV production and greener transport. With over 500 confirmed bus orders in Nairobi and 100 reservations in Kigali, BasiGo continues to play a critical role in Africa’s shift to electric mobility.
Finally, this latest $42 million capital raise represents one of the largest investments into Africa’s electric mobility sector to date, cementing BasiGo’s leadership as it contributes to the sustainable development of public transport in East Africa.
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