Kenya’s BasiGo Closes $41.5M Round to Scale E-Bus Operations
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Jit Bhattacharya, BasiGo CEO
Kenyan electric bus company BasiGo has successfully secured $41.5 million in a recent funding round, comprising a $24 million Series A equity and an additional $17.5 million in debt. The equity round attracted investments from Africa50, British International Investment (BII), U.S. Development Finance Corporation (DFC), along with Novastar Ventures, CFAO Kenya, Mobility54, and SBI Investments. DFC provided a $10 million loan to support BasiGo's Kenyan operations, while BII committed $7.5 million to expand the company's services in Rwanda.
Founded in 2021 by Jonathan Green and Jit Bhattacharya, BasiGo has quickly established itself by deploying electric buses in Nairobi’s matatu fleet, transporting over 4 million passengers as of March 2024 and cutting emissions by 1,175 tonnes.
This funding boost follows Kenya’s recent e-mobility policy promoting electric vehicle manufacturing. BasiGo aims to increase its fleet from 119 to 1,000 electric buses across Kenya and Rwanda over the next three years, competing with rivals like Roam Motors, which raised $24 million earlier in 2024. CEO Jit Bhattacharya expressed excitement over BII's support, emphasizing BasiGo’s commitment to emissions-free transport across East Africa.
The capital will also advance BasiGo’s e-bus assembly line and support the pay-as-you-go financing model, enabling more affordable leasing options for bus operators. BasiGo’s latest model, the E9 Kubwa, is priced at KES 7.5 million ($58,000), higher than the typical KES 5 million ($37,000) for conventional buses used in urban mass transit.
Source: Towobola Bamgbose / TechCabal
BasiGo
BasiGo is an early-stage e-mobility start-up looking to revolutionize the public transportation sector by providing matatu owners with a cost-effective electric alternative to diesel buses.
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