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Key Points
- BasiGo, led by Jit Bhattacharya, closed a $42 million funding round to advance electric mobility in Sub-Saharan Africa.
- The funding includes $24 million in Series A equity and $17.5 million in debt financing, supported by BII and DFC.
- BasiGo plans to deploy 1,000 electric buses across East Africa within three years, enhancing clean public transport initiatives.
BasiGo, a leading Kenyan e-mobility startup led by Nairobi-based entrepreneur Jit Bhattacharya, has successfully closed a $42 million funding round aimed at advancing electric mobility throughout Sub-Saharan Africa.
This investment includes $24 million in Series A equity funding and $17.5 million in debt financing, with key contributions from British International Investment (BII) and the U.S. Development Finance Corporation (DFC).
New capital boosts electric bus expansion
The funding round is highlighted by a major investment from Africa50, the pan-African infrastructure investor, marking the largest contribution from an African fund to an e-mobility venture. Other notable co-investors include Novastar Ventures, CFAO Kenya, Mobility54, SBI Investment, Trucks VC, Moxxie Ventures, and Susquehanna Foundation.
With this new capital, BasiGo aims to deploy 1,000 electric buses across East Africa within the next three years. The funding also unlocks a $10 million debt facility from DFC and a new $7.5 million debt facility from BII, specifically designed to scale BasiGo’s electric bus deployment in Rwanda.
“Our goal since founding BasiGo in 2021 has been to revolutionize clean, electric public transport in Africa,” Jit Bhattacharya, CEO of BasiGo, said. “We’re thrilled that Africa50 recognizes our vision, validating our business model with this equity and debt investment. With BII's support, we plan to deliver hundreds of emissions-free electric buses across East Africa.”
BasiGo grows electric bus operations
BasiGo, established in 2021 by Bhattacharya and Jonathan Green, has received notable backing from international organizations and development finance institutions. Previous funding rounds included a $3 million equity investment from CFAO Group and $5 million in debt financing from BII.
In December 2023, BasiGo expanded operations into Rwanda, where it currently operates six pilot electric buses in Kigali and surrounding areas. Its latest funding will facilitate commercial deliveries of electric buses in Rwanda, where BasiGo has already secured over 300 reservations from bus operators.
