BasiGo Secures $42M in Funding to Scale Public Transport Electrification in Sub-Saharan Africa
The capital raised by BasiGo combines $24 Million in Series A equity funding and $17.5 Million in debt.
The Series A equity round has been led by Africa50 with co-investment from Novastar Ventures, CFAO Kenya, Mobility54, SBI Investment, Trucks VC, Moxxie Ventures, and Susquehanna Foundation.
The Series A funding satisfies a key commitment to unlocking the $10 million loan facility from U.S. Development Finance Corporation (DFC) for BasiGo Kenya. It also unlocks an additional $7.5 million debt facility from British International Investment (BII) to scale BasiGo’s E-bus deployments in Rwanda
The capital will be put towards BasiGo’s objective of delivering 1,000 electric buses in East Africa in the next 3 years, while also enabling the company to expand to new vehicle types and new markets.
Nairobi, Kenya| October 23, 2024: BasiGo, the leading provider of electric bus solutions in sub-Saharan Africa, has today announced the successful closing of a US$42 million in new capital.
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 funding round is led by Africa50, the pan-African infrastructure investor and asset manager, 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 $10 million debt facility from DFC for BasiGo Kenya, as well as a new $7.5 million debt facility from BII specifically designed for scaling BasiGo’s E-bus deployment in Rwanda.
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.”
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.
“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,” said Raza Hasnani, Managing Director and Head of Infrastructure Investments at Africa50. “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,” added Mr. Hasnani.
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.”
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.
Seema Dhanani, Head of Office, Kenya and Coverage Director, East Africa at BII, said: “We are delighted to support BasiGo as it expands into Rwanda. This marks a significant step in electrifying the local public transport sector, reducing pollution, and combating climate change impacts. This is in line with our priority of supporting e-mobility to foster sustainable economic growth.”
The total capital raised represents one of the most significant investments into Electric Mobility in Africa. The investment accelerates BasiGo’s growth trajectory and strengthens its position as a leader in Sub-Saharan Africa’s evolving EV landscape.
