BasiGo, a Kenya-based electric bus, has closed a significant funding round, securing $24 million in Series A equity and an additional $17.5 million in debt.
Leading this round were Africa50, British International Investment (BII), and the US Development Finance Corporation (DFC).
The startup, founded in 2021, has rapidly grown its presence and aims to revolutionise public transport in East Africa with eco-friendly solutions.
After making a notable entry into Rwanda in 2023, BasiGo has continued its mission to electrify public transport systems across East Africa.
BasiGo Rwanda Ltd, a subsidiary dedicated to this cause, is tasked with driving this transformation forward.
Additional investments came from Novastar Ventures, CFAO Kenya, Mobility54, and SBI Investments.
The debt funding includes a $10 million facility from DFC to support operations in Kenya and a $7.5 million facility from BII to assist the expansion into Rwanda.
CEO Jit Bhattacharya expressed optimism about the funding’s potential to deliver hundreds of modern, emissions-free electric buses across East Africa.
Since inception, BasiGo’s electric buses have transported over 4 million passengers, reducing greenhouse gas emissions by 1,175 tonnes.
The new funding will help BasiGo scale its fleet from 119 to 1,000 buses over the next three years, competing with peers like Roam Motors.
BasiGo is also set to scale its pay-as-you-go model, facilitating easier access to its electric buses.
BasiGo’s strategy focuses on integrating into Nairobi’s Matatu culture, partnering with SACCOs like Super Metro and Citi Shuttle to bring their buses to Kenyan roads.
With the Kenyan government’s support through a national e-mobility draft policy, BasiGo is poised to make significant strides in local manufacturing and assembly of electric vehicles.
The recent funding surge, including $3 million from CFAO Group, highlights investor confidence in BasiGo’s vision of a sustainable, green energy value chain in Africa.
As the company continues to expand, it remains dedicated to providing clean and sustainable public transportation solutions across the region.
