BasiGo has announced the closing of a USD 42 million in new capital. The funding round consists of USD 24 million in Series A equity funding along with USD 17.5 million in debt facilities from British International Investment (BII) and the U.S. Development Finance Corporation (DFC).
The equity funding round is led by Africa50, marking the most significant investment from an African fund in an e-mobility company.
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 USD 10 million debt facility from DFC for BasiGo Kenya, as well as a new USD 7.5 million debt facility from BII specifically designed for scaling BasiGo’s E-bus deployment in Rwanda.
The funds raised by BasiGo will be put towards the company’s objective of delivering 1,000 electric buses in East Africa within the next 3 years. In Kenya, the funds will 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.
Commenting on the newly secured funding, Jit Bhattacharya, CEO of BasiGo remarked, “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. 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.”
On his part, Raza Hasnani, Managing Director and Head of Infrastructure Investments at Africa50 said, “We are delighted to conclude Africa50’s first investment in the e-mobility space to support the greening of the public transport sector in Kenya and Rwanda. We believe BasiGo is well positioned to scale in East Africa and beyond given its world class engineering and operations teams, strong value proposition to transport operators and the caliber of strategic and financial partners assembled by the founders. 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.”
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. We are thrilled with this latest milestone and look forward to our continued partnership with BasiGo through the next phase of growth and beyond.”