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This investment, which includes USD 24 million in Series A equity funding and USD 17.5 million in debt facilities, marks a pivotal moment for the electric bus firm and the region’s e-mobility sector.
BasiGo of Ethiopia announced that it has successfully closed a significant funding round, raising USD 42 million to enhance its electric public transport initiatives. This investment, which includes USD 24 million in Series A equity funding and USD 17.5 million in debt facilities, marks a pivotal moment for the electric bus firm and the region’s e-mobility sector.
Leading this funding round is Africa50, a pan-African infrastructure investment fund, reflecting the largest investment by an African fund in an e-mobility venture. Alongside Africa50, several prominent investors participated, including Novastar Ventures, CFAO Kenya, Mobility54, SBI Investment, Trucks VC, Moxxie Ventures, and Susquehanna Foundation.
The equity investment facilitates a USD 10 million debt facility from the U.S. Development Finance Corporation (DFC) oriented toward scaling operations in Kenya. Additionally, a USD 7.5 million debt facility from British International Investment (BII) will support the expansion of BasiGo’s electric bus deployment in Rwanda.
During the announcement, Jit Bhattacharya, CEO of BasiGo, expressed enthusiasm about the investment’s implications for clean electric transport. The newly acquired capital is dedicated to BasiGo’s ambitious goal of deploying 1,000 electric buses throughout East Africa over the next three years. Specifically, in Kenya, these funds will enhance manufacturing capacity at BasiGo’s dedicated electric bus assembly plant located at Kenya Vehicle Manufacturers.
Furthermore, the investment will also support BasiGo’s Pay-As-You-Drive program, expanding it to new vehicle types and improving technology platforms such as Jani, aimed at increasing accessibility for passengers.
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In December 2023, BasiGo began operations in Rwanda, conducting pilot programs with six electric buses on key routes in Kigali and connecting nearby towns. The latest funding from BII is earmarked for launching commercial deliveries, building on over 300 reservations already received from Rwandan bus operators.
