BasiGo Secures $41.5 Million to Expand Electric Bus Operations in East Africa

BasiGo, a leading Kenyan electric bus startup, has secured a significant funding boost of $41.5 million, enabling it to accelerate its mission of electrifying public transportation in East Africa. The funding round, led by Africa50, British International Investment (BII), and the U.S. Development Finance Corporation (DFC), will fuel BasiGo’s expansion plans and contribute to a more sustainable and efficient transportation sector.

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Founded in 2021 by Jonathan Green and Jit Bhattacharya, BasiGo has quickly gained traction in Kenya’s bustling public transportation market. The company’s innovative electric buses, designed to replace the ubiquitous “matatus” that dominate the country’s roads, have already transported over 4 million passengers, significantly reducing greenhouse gas emissions.

The latest funding round comprises a $24 million Series A equity investment and an additional $17.5 million in debt financing. The equity round was supported by Novastar Ventures, CFAO Kenya, Mobility54, and SBI Investments, while the debt financing includes a $10 million facility from DFC and a $7.5 million facility from BII.

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The funding comes at a pivotal time for BasiGo, as the Kenyan government is actively promoting the adoption of electric vehicles through its national e-mobility draft policy. The company will use the funds to expand its fleet of electric buses from 119 to 1,000 in Kenya and Rwanda over the next three years. This ambitious growth plan positions BasiGo as a major player in the region’s burgeoning electric transportation market.

To compete with other electric bus startups like Roam Motors, BasiGo has developed a comprehensive strategy that includes scaling up its e-bus assembly line and expanding its pay-as-you-go financing model. The latter allows customers to lease BasiGo buses, reducing the upfront costs associated with purchasing a new vehicle.

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BasiGo’s innovative approach has resonated with local operators, and the company has partnered with several Savings and Credit Co-operatives (SACCOs) to introduce its electric buses into Kenyan roads. These partnerships have helped to increase the adoption of electric vehicles and improve the overall quality of public transportation in the country.

The funding will also support BasiGo’s efforts to introduce new bus models, such as the E9 Kubwa, which offers a larger capacity and enhanced features. This model is particularly well-suited for long-distance routes and can help to address the growing demand for more spacious and comfortable public transportation options.

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BasiGo’s success in Kenya has attracted international attention, and the company is poised to make a significant impact on the region’s transportation landscape. With the support of its investors, BasiGo is well-positioned to become a leading provider of electric bus solutions and contribute to a more sustainable and equitable future for East Africa.