BasiGo, an electric bus pioneer in East Africa, has raised $42 million (approx. Rwf57 billion) in new capital funding that will enable it to add 1,000 electric buses on the regional market in three years. ALSO READ: BasiGo partners with AC Mobility (Tap&Go) to bring electric buses to Rwanda The funding round consists of $24 million in Series A equity funding led by Africa50 and other co-investors, along with $17.5 million in debt facilities from British International Investment (BII) and the U.S. Development Finance Corporation (DFC). Under the Series A equity round, the firm indicates that a $10 million debt facility from DFC will be allocated to BasiGo Kenya, while a $7.5 million debt facility from BII targets the scaling of BasiGo’s e-bus deployment in Rwanda. Kenya-based electric bus provider launched its entity in Rwanda, BasiGo Rwanda Ltd, in December 2023 and it currently operates six pilot electric buses on routes in Kigali as well as inter-city routes serving nearby towns. The newest debt facility from BII will be put towards launching commercial deliveries of E-Buses in Rwanda, where BasiGo has already received over 300 reservations from bus operators, according to a statement released on October 23. ALSO READ: Why Rwanda is attracting increased investments Jit Bhattacharya, the CEO of BasiGo, said the combined equity and debt investment into BasiGo validates its business model and enables the company to focus on scale and profitability. “With BII's support to expand our E-bus model in Rwanda, we are ready to deliver hundreds of modern, emissions-free electric buses across East Africa. In Kenya, the funds will specifically be used to increase manufacturing capacity at BasiGo’s dedicated E-Bus assembly line located at Kenya Vehicle Manufacturers.” ALSO READ: Inclusion requires qualification, says BasiGo Rwanda’s MD The investment will also support the expansion of BasiGo’s Pay-As-You-Drive offering to new vehicle types, and to improve BasiGo's technology platforms such as Jani which make electric buses more accessible and convenient for passengers, it added. Raza Hasnani, the Managing Director and Head of Infrastructure Investments at Africa50, said: “We are delighted to conclude Africa50’s first investment in the e-mobility space to support the greening of the public transport sector in Kenya and Rwanda. “We believe BasiGo is well positioned to scale in East Africa and beyond given its world class engineering and operations teams, strong value proposition to transport operators and the caliber of strategic and financial partners assembled by the founders.” He noted that this is the largest investment to date by an African fund in an e-mobility company to support innovation that drives green growth and development in the region. Seema Dhanani, the Head of Office of Kenya and Coverage Director, East Africa at BII, said: “We are delighted to support BasiGo as it expands into Rwanda. This marks a significant step in electrifying the local public transport sector, reducing pollution, and combating climate change impacts. This is in line with our priority of supporting e-mobility to foster sustainable economic growth.” The total capital raised represents one of the most significant investments into Electric Mobility in Africa. The investment accelerates BasiGo’s growth trajectory and strengthens its position as a leader in Sub-Saharan Africa’s evolving EV landscape. BasiGo is the first e-mobility company to benefit from Ireme Invest – Rwanda Green Fund’s green investment facility –a recoverable grant of Rwf300 million to to upgrade its charging infrastructure to support its growing fleet of electric public transport buses in Kigali.
