BasiGo, a leading provider of electric bus solutions in sub-Saharan Africa, has secured $42 million in new capital. This funding round consists of $24 million in Series A equity funding and $17.5 million in debt facilities from British International Investment (BII) and the U.S. Development Finance Corporation (DFC).
BasiGo is a company that aims to create a future of clean, electric public transport in Africa. They provide electric bus solutions, including manufacturing and deploying electric buses, as well as offering a Pay-As-You-Drive service for bus operators.
Founded by Jit Bhattacharya in 2021, BasiGo has been making significant strides in the e-mobility space. With this new funding, the company plans to deliver 1,000 electric buses in East Africa within the next three years. The funds will also be used to increase manufacturing capacity at BasiGo’s dedicated E-Bus assembly line located at Kenya Vehicle Manufacturers.
The investment will also support the expansion of BasiGo’s Pay-As-You-Drive offering to new vehicle types and improve BasiGo’s technology platforms, such as Jani, which make electric buses more accessible and convenient for passengers. This funding round is a significant milestone for BasiGo and a testament to the company’s potential for growth and impact in the e-mobility space.
As Raza Hasnani, Managing Director and Head of Infrastructure Investments at Africa50, stated, “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 caliber of strategic and financial partners assembled by the founders.” With this funding, BasiGo is poised to make a significant impact on the environment and transportation in Africa.
In addition to the funding, BasiGo has also received support from various partners, including the U.S. Development Finance Corporation (DFC) and British International Investment (BII). This support will enable BasiGo to expand its operations and deliver on its mission to create a future of clean, electric public transport in Africa. As Jit Bhattacharya, CEO of BasiGo, said, “We are thrilled to have Africa50, a premier African infrastructure investment fund, recognize the potential of our mission.”