The funding, as detailed in the company’s blog post, includes US$24 million in Series A equity and US$17.5 million in debt. Key investors in the equity round include Africa50, British International Investment (BII), and the US Development Finance Corporation (DFC). Other participants include Novastar Ventures, CFAO Kenya, Mobility54, and SBI Investments.
Launched in 2021, BasiGo aims to grow its electric bus fleet from 119 to 1,000 across Kenya and Rwanda in the next three years. The company will also scale up its assembly operations and expand its pay-as-you-go leasing model to reduce upfront costs for buyers.
This comes as BasiGo competes with Roam Motors, another electric vehicle startup in Kenya.
Since its inception, BasiGo has transported over 4 million passengers and reduced greenhouse gas emissions by 1,175 tonnes. The company’s expansion is well-timed with Kenya’s recent national e-mobility policy, which promotes the local manufacturing of electric vehicles.
CEO Jit Bhattacharya highlighted the potential to revolutionize mass transit in East Africa, particularly through partnerships with operators of matatus — privately owned mini buses used as share taxis — which are a key part of Nairobi’s transportation culture.
This latest investment builds on earlier rounds, including a US$24 million raise by Roam Motors in early 2024, marking a period of intense growth in the region’s electric vehicle market.
