BasiGo, a Kenyan-based electric vehicle (EV) company, has raised $24 million in Series A equity funding, along with an additional $17.5 million in debt financing, to further its mission of electrifying public transportation in Sub-Saharan Africa. This marks the largest investment in the region’s EV industry, according to the company. The equity round was led by Africa50 and included support from co-investors such as Novastar Ventures, CFAO Kenya, Mobility54, and others.
In addition to the equity funding, BasiGo secured a $10 million loan from the U.S. Development Finance Corporation (DFC) for its Kenyan operations and a $7.5 million debt facility from British International Investment (BII) to expand its electric bus fleet into Rwanda. The company plans to utilize the funds to scale its Pay-As-You-Drive platform and ramp up production at its electric bus assembly line in Kenya.
BasiGo’s CEO, Jit Bhattacharya, highlighted the significance of the investment, saying it will accelerate the company’s goal of deploying 1,000 electric buses across East Africa in the next three years. The funding will also support the development of new EV models and enhance its technology platforms, making electric buses more accessible.
Seema Dhanani of BII emphasized the importance of this investment in promoting sustainable growth and reducing pollution in East Africa, while Raza Hasnani from Africa50 praised BasiGo’s potential to scale beyond the region.
