BasiGo, a pioneer in electric bus solutions for sub-Saharan Africa, has announced a significant milestone with the successful closure of a US$42 million funding round.

This investment will fuel the company’s growth and accelerate its mission to provide clean, affordable, and reliable public transportation across the continent.

A Landmark Investment from Africa50

The funding round includes US$24 million in Series A equity funding, led by Africa50, a pan-African infrastructure investor and asset manager.

This marks the largest investment from an African fund in an e-mobility company, highlighting the growing recognition of BasiGo’s innovative approach and potential to transform the transportation landscape.

Strategic Partnerships and Debt Facilities

In addition to the equity funding, BasiGo has secured US$17.5 million in debt facilities from British International Investment (BII) and the U.S. Development Finance Corporation (DFC).

These strategic partnerships will provide the necessary financial resources to support BasiGo’s expansion plans and strengthen its financial position.

Expanding Operations in East Africa

The funding will enable BasiGo to scale its operations and deploy hundreds of modern, emissions-free electric buses across East Africa. The company is particularly focused on expanding its presence in Kenya and Rwanda, leveraging the support of BII to accelerate the deployment of electric buses.

READ ALSO:

BasiGo Named World Economic Forum Technology Pioneer

Expanding Manufacturing Capacity in Kenya

In Kenya, the investment will primarily be directed towards increasing manufacturing capacity at BasiGo’s dedicated E-Bus assembly line located at Kenya Vehicle Manufacturers.

This expansion will enable the company to produce more electric buses at a faster pace, meeting the growing demand for sustainable transportation solutions.

Expanding Operations to Rwanda

BasiGo has been making strides in expanding its reach beyond its home market. In December 2023, the company successfully launched operations in Rwanda, where it is currently operating a fleet of six electric buses on both city and intercity routes.

The new funding will be used to scale up operations in Rwanda and launch commercial deliveries of electric buses to local operators.

Expanding Pay-As-You-Drive and Technology Platforms

BasiGo will also use the funds to expand its innovative Pay-As-You-Drive offering to new vehicle types. This flexible payment model makes electric buses more accessible and affordable for transport operators, encouraging the adoption of electric vehicles in the region.

Additionally, the investment will support the improvement of BasiGo’s technology platforms, such as Jani, which enhance the passenger experience and make electric buses more convenient.

READ ALSO:

BasiGo Unveils Electric Vehicles Charging Station At BuruBuru

Africa50’s Commitment to Green Growth

Raza Hasnani, Managing Director and Head of Infrastructure Investments at Africa50, expressed the fund’s excitement about supporting BasiGo’s mission. “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 calibre of strategic and financial partners assembled by the founders,” he said.

Africa50’s investment in BasiGo marks a significant milestone for the e-mobility sector in Africa. As the largest investment to date by an African fund in an e-mobility company, it demonstrates the growing commitment to sustainable development and green growth in the region.

A Leader in Sub-Saharan Africa’s EV Landscape

The total capital raised by BasiGo represents one of the most substantial investments in electric mobility in Africa. This funding will accelerate the company’s growth trajectory and strengthen its position as a leading player in the region’s evolving electric vehicle landscape.

BasiGo’s success demonstrates the growing potential for electric transportation in Africa. As the continent continues to urbanise and prioritise sustainable development, companies like BasiGo are paving the way for a cleaner and more efficient future.