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Home Business Mobility

BasiGo Lands $42 Million to Disrupt Public Transport with 1,000 Electric Buses in East Africa

by Joan Aimuengheuwa
October 23, 2024
in Mobility
1
BasiGo Lands $42 Million to Disrupt Public Transport with 1,000 Electric Buses in East Africa
Source: BasiGo

Source: BasiGo

UBA
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BasiGo, a Kenyan electric bus provider, has raised $42 million in new capital to expand its operations across East Africa. 

The funding, which includes $24 million in equity and $17.5 million in debt, will support the company’s goal of delivering 1,000 electric buses over the next three years. 

The equity round was led by Africa50, with participation from Novastar Ventures, CFAO Kenya, Mobility54, and other key investors.

This capital will help BasiGo scale its electric bus services in both Kenya and Rwanda. In particular, the debt facilities provided by the U.S. Development Finance Corporation (DFC) and British International Investment (BII) will help the company advance its electric bus deployment in these countries. 

The $10 million debt from DFC will primarily support BasiGo’s Kenyan operations, while the $7.5 million from BII will facilitate the expansion into Rwanda.

Jit Bhattacharya, CEO of BasiGo, stressed the company‘s focus on creating a cleaner and more sustainable environment for public transport in Africa. 

He noted that the funding validates BasiGo’s business model, allowing the company to focus on both scaling operations and achieving profitability. 

The investment also enhances BasiGo’s “Pay-As-You-Drive” programme, an innovative financing model that has made electric buses more accessible to public transport operators.

Again, the funds will be used to increase BasiGo’s manufacturing capacity at its assembly plant in Kenya and to introduce new types of vehicles. BasiGo’s electric buses, already in use in Nairobi, are being rolled out in Rwanda, where the company has launched a pilot project with six buses operating in Kigali and nearby regions. 

With over 300 reservations from Rwandan bus operators, the new capital will allow BasiGo to meet rising demand in the country.

Seema Dhanani, from British International Investment, spoke about the positive environmental impact this investment will have, particularly in reducing pollution from public transport. With more electric buses hitting the roads, both Kenya and Rwanda are expected to see notable improvements in air quality and public health.

This funding round is one of the largest investments in the electric mobility sector in Africa and bolsters BasiGo’s aim in the region’s transition towards cleaner, more sustainable transportation solutions, ensuring e-mobility attains resilience across sub-Saharan Africa.

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Tags: Africa50BasiGoBasiGo raises $42 MillionElectric BusesJit BhattacharyaPublic Transport
Joan Aimuengheuwa

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

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    8 months ago

    We need your service in Nigeria, I can assure you the market and need is here

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