Electric bus provider BasiGo has raised $42 million in new capital to expand its e-bus operations in Kenya and Rwanda.
This investment, the largest from an African investor in e-mobility to date, will enable BasiGo to deliver 1,000 electric buses across East Africa over the next three years.
The funding round, led by pan-African asset manager Africa50, includes $24 million in Series A equity funding and $17.5 million in debt financing from British International Investment and the U.S. International Development Finance Corporation.
This capital infusion will boost BasiGo’s manufacturing capacity at its Kenyan e-bus assembly line and support e-bus deployment in Rwanda.
The Series A round also includes co-investments from SBI Holdings, as well as follow-on investments from Novastar Ventures, CFAO Kenya, Mobility54, Trucks VC, Moxxie VC, and Susquehanna International Group.
