Kenyan electric vehicle manufacturer BasiGo has secured $38 million in new funding to fuel its growth. The funding round, led by Africa50, a pan-African infrastructure investor, includes $24 million in Series A equity and $17.5 million in debt facilities from British International Investment (BII) and the U.S. Development Finance Corporation (DFC).
BasiGo plans to use the funds to expand its electric bus manufacturing capacity, as it plans to put over 1,000 electric buses across East Africa in the next three years. The company will also scale its Pay-As-You-Drive service, which allows customers to pay for their buses over time. CEO Jit Bhattacharya expressed excitement over the funding, noting that it validates BasiGo’s mission to drive clean transportation solutions across the continent.
Part of the financing will also support BasiGo’s expansion into Rwanda, where the company aims to increase its deployment of electric buses. This move marks a significant step in the company’s broader strategy to scale up the adoption of electronic buses across the region.
