BasiGo, a prominent leader in Sub-Saharan Africa’s electric bus business, has raised $42 million in its most recent fundraising round. This financial boost includes $24 million in Series A equity capital and an additional $17.5 million in lending facilities from British International Investment (BII) and the US Development Finance Corporation (DFC).
The equity financing was spearheaded by Africa50, a pan-African infrastructure investor and asset manager, with notable participation from Novastar Ventures, CFAO Kenya, Mobility54, SBI Investment, Trucks VC, Moxxie Ventures, and the Susquehanna Foundation. This equity infusion also enables BasiGo to unlock a $10 million debt facility from DFC tailored for BasiGo Kenya, alongside a new $7.5 million debt line from BII aimed at accelerating the company’s electric bus deployment in Rwanda. Following its launch in 2023, BasiGo has already amassed over 300 reservations from bus operators in the country.
The fresh capital will be utilised for the most aggressive plan of acquiring one thousand electric buses in three years within East Africa. New projects include increasing production capacity at BasiGo’s electric bus assembly line with KVM and extending the Pay-As-you-Drive financing model to include other EV types. Furthermore, the funds will enhance BasiGo’s technological platforms, including Jani, which aim to streamline the passenger experience with electric buses.
Jit Bhattacharya, BasiGo’s CEO, commented that this substantial investment reinforces the company’s business model and positions it to focus on scaling operations and achieving profitability. He emphasised that with the support from BII, BasiGo is poised to deploy hundreds of electric buses across East Africa, particularly in Rwanda.
Over the past year, BasiGo has actively engaged in several funding rounds, successfully securing $5 million for electric bus assembly, $3 million to bolster production, and $225,000 to enhance its charging infrastructure.
The company’s electric bus production line at Kenya Vehicle Manufacturers in Thika, launched in April 2024, marks a significant milestone as the first specialised assembly line for modern electric buses in Kenya.
