BasiGo Raises $42 Million to Accelerate Public Transport Electrification
BasiGo has raised $42 million to accelerate the electrification of public transport. Of this amount, $24 million comes from Series A equity financing, while $17.5 million is sourced from debt.
The capital raise was led by Africa50, with participation from investors such as Novastar Ventures, CFAO Kenya, Mobility54, SBI Investment, Trucks VC, Moxxie Ventures, and the Susquehanna Foundation.
Additionally, through this equity financing, BasiGo will be able to secure an extra $7.5 million in debt from British International Investment (BII) to expand its E-bus deployments in Rwanda. This capital will be utilized in the company’s project to supply 1,000 electric vehicles in East Africa over the next three years.
BasiGo’s CEO, Jit Bhattacharya, commented on this capital raise:
“Since founding BasiGo in 2021, our mission has been to shape the future of clean, electric public transport in Africa. We are thrilled that Africa50, a leading African infrastructure investment fund, recognizes the potential of our mission.”
“The combined equity and debt investment validates our business model and allows BasiGo to focus on scaling and profitability. With BII’s support to expand our E-bus model in Rwanda, we are poised to deliver hundreds of modern, emissions-free electric buses across East Africa.”
This investment, one of the largest in electric vehicles in Africa, not only accelerates BasiGo’s growth but also helps maintain its leadership in the evolving electric vehicle market in Sub-Saharan Africa.
