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BasiGo Raises $41.5m in Series A Funding to Deliver 1,000 E-buses in 3 Years
BasiGo raises $41.5m for e-buses: A Kenyan e-mobility company, BasiGo, has raised $41.5 million in a Series A funding round. The round comprises $24 million in equity funding led by Africa50, a pan-African infrastructure investor.
The round was supported by investors including Novastar Ventures, CFAO Kenya, Mobility54, SBI Investment, Trucks VC, Moxxie Ventures, and the Susquehanna Foundation.
Also Read: BasiGo Secures $10 Million Loan to Electrify Kenya’s Public Transport
BasiGo Raises $41.5m for E-buses
The loan includes a $10 million facility from DFC to support BasiGo’s operations in Kenya and a $7.5 million facility from BII to help BasiGo expand its electric bus services in Rwanda.
Speaking on the latest fundraise, the CEO, Jit Bhattacharya, said the investment validates the company’s business model and mission.
“BasiGo raises $41.5m for e-buses. 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.
This investment validates our business model and enables BasiGo to focus on scale and profitability,” he said.
BasiGo To Channel Fundings Into Its Operation Expansion
The funding comes seven months after the Kenyan government launched a national e-mobility draft policy to promote the local manufacturing and assembly of electric vehicles. BasiGo raises $41.5m for e-buses.
BasiGo will use the funding to grow its fleet of electric buses from 119 to 1,000 in Kenya and Rwanda over the next three years to compete with Roam Motors, which raised $24 million in February 2024.
The new fund injection is also expected to expand BasiGo’s Pay-As-You-Drive financing model to new vehicle types and enhance the company’s technology platforms, including Jani, which makes electric buses more accessible and convenient for passengers.
The funds will be channeled into the expansion of BasiGo’s operations into new markets and vehicle types.
This investment strengthens BasiGo’s efforts to transform public transportation in the region, promoting cleaner and more sustainable transport solutions.
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