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BasiGo Raises USD 42M to Ignite Green Public Transport

BasiGo Raises USD 42M to Ignite Green Public Transport
Image Source: Afrik 21

BasiGo, a leader in electric bus solutions in sub-Saharan Africa, has secured USD 42M in funding. The capital includes USD 24M from Series A equity and USD 17.5M in debt facilities. 

Africa50 led the equity round, alongside investments from Novastar Ventures, CFAO Kenya, and others. This funding marks the largest African-led investment in an e-mobility company.

This fresh capital positions BasiGo to scale operations, with a plan to deliver 1,000 electric buses across East Africa in the next three years. Additionally, the company aims to expand to new vehicle types and markets.

Funding Breakdown and Strategic Expansion

The Series A equity round unlocks a USD 10M debt facility from the U.S. Development Finance Corporation (DFC) and USD 7.5M from British International Investment (BII).

These funds will support BasiGo’s electric bus deployment in Rwanda. The company has already piloted six electric buses and received over 300 reservations from operators.

In Kenya, the investment will enhance BasiGo’s E-bus assembly line and boost its innovative “Pay-As-You-Drive” financing model. This model enables public bus operators to affordably switch to electric buses.

Jit Bhattacharya, CEO of BasiGo, stated, “We are thrilled to have Africa50, a premier African infrastructure investment fund, recognize the potential of our mission.” He emphasized that this funding would enable the company to scale and deliver hundreds of emissions-free buses across the region.

Investor Confidence in BasiGo’s Vision

Investors are confident in BasiGo’s growth potential. Steve Beck, Managing Partner at Novastar Ventures, expressed pride in BasiGo’s progress. Also, he noted its potential to transform public transport in Africa while highlighting environmental and commuter benefits.

Raza Hasnani, Managing Director at Africa50, praised BasiGo’s strong value proposition and world-class engineering. He remarked, “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.”

East Africa Markets and Policies

BasiGo’s electrification efforts align with the region’s push toward greener public transportation. This funding supports government policies aimed at reducing emissions, addressing climate change, and fostering sustainable development.As East Africa embraces electric mobility, BasiGo’s growth will significantly impact the public transport sector. Moreover, the company stands to disrupt market trends by offering new opportunities for clean energy integration.

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