BasiGo, a Kenya-based electric bus startup, has raised $41.5 million in funding. This includes a $24 million Series A equity round and $17.5 million in debt financing. Leading the round were Africa50, the British International Investment (BII), and the U.S. Development Finance Corporation (DFC).
Other equity investors included Novastar Ventures, CFAO Kenya, Mobility54, and SBI Investments. The debt financing comprised $10 million from DFC for Kenyan operations and $7.5 million from BII to support expansion in Rwanda.
Founded in 2021 by Jonathan Green and Jit Bhattacharya, BasiGo launched electric buses in Nairobi for commuter transport. By March 2024, the buses had carried over 4 million passengers and reduced greenhouse gas emissions by 1,175 tonnes.
The funding comes as Kenya promotes its national e-mobility policy. BasiGo plans to grow its fleet of electric buses from 119 to 1,000 across Kenya and Rwanda within three years. This will help the company compete with Roam Motors, which raised $24 million in February 2024.
CEO Jit Bhattacharya stated the funding would also help scale the company’s pay-as-you-go model. This model allows customers to lease buses at lower upfront costs. The new E9 Kubwa bus model, for example, costs about $58,000 compared to $37,000 for standard buses used in city transit.
BasiGo has partnered with Nairobi’s Savings and Credit Co-operatives (SACCOs) like Super Metro and Citi Shuttle to bring these buses onto Kenyan roads. The company previously raised $4.3 million in seed funding in 2022, followed by another $6.6 million and $5 million in debt later that year. In 2023, BasiGo secured $3 million in equity from CFAO and its venture capital arm, Mobility54.
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