Kenyan mobility startup BasiGo raises $41.5m in series A funding to deliver 1,000 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.

The equity funding subsequently unlocked an additional $17.5 in debt facilities. This comprises a $10 million debt facility from the U.S. Development Finance Corporation (DFC), for BasiGo Kenya and an additional $7.5 million from British International Investment (BII), designated for the scaling of electric bus operations in Rwanda.

Speaking on the latest fundraise, the CEO, Jit Bhattacharya, said the investment validates the company’s business model and its mission.

“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 deliver 1,000 electric buses in 3 years

BasiGo said the funding is geared towards accelerating its goal of delivering 1,000 electric buses in East Africa over the next three years. This, it intends to achieve, by scaling up manufacturing capacity at its dedicated electric bus assembly line at Kenya Vehicle Manufacturers.

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 channelled into the expansion of BasiGo’s operations into new markets and vehicle types. The Series A equity funding was supported by notable investors such as Novastar Ventures, CFAO Kenya, Mobility54, SBI Investment, Trucks VC, Moxxie Ventures, and Susquehanna Foundation.

This investment strengthens BasiGo’s efforts to transform public transportation in the region, promoting cleaner and more sustainable transport solutions.

The startup’s backers are also expressing optimism at the prospect it represents. Africa50’s, Managing Director and Head of Infrastructure Investments, Raza Hasnani said:

“We believe BasiGo is well-positioned to scale in East Africa and beyond. 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.”

Similarly, Steve Becks, the Managing Partner at one of the company’s earliest backers, Novastar Ventures, said the latest funding round is a testament to the strong confidence they have in the leading African EV maker.

“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,” he said.

So far, the e-mobility startup has raised not less than $52.1 million in investments as it looks to continue on its mission of providing cleaner transportation for Sub-Saharan Africa.

See also: Kenyan e-mobility startup BasiGo raises $3 million equity funding from CFAO Group