Kenyan electric vehicle assembler BasiGo has secured Sh5.43 billion from a consortium of investors, comprising both equity and debt funding, to support the delivery of 1,000 electric buses over the next three years. 

The breakdown includes Sh3.1 billion ($24 million) in Series A equity funding and Sh2.26 billion ($17.5 million) in debt facilities from the British International Investment (BII) and the U.S. Development Finance Corporation (DFC).

Led by Africa50, the equity round marks a significant African investment in the e-mobility sector.

Other participants in this round include Novastar Ventures, CFAO Kenya, Mobility54, SBI Investment, Trucks VC, Moxxie Ventures, and Susquehanna Foundation.

BasiGo plans to use the capital to expand its manufacturing capacity, particularly at its dedicated electric bus assembly line at Kenya Vehicle Manufacturers, while also scaling up its Pay-As-You-Drive service and improving its technology platform, Jani.

The funds will further aid the company’s expansion into Rwanda, with a portion of the financing allocated to scaling e-bus deployment in the region.

This investment adds to the company’s previous Sh397 million funding from CFAO Group earlier this year, signaling continued growth and confidence in the electric mobility space.

Kenya has emerged as a leader in African startup funding, attracting $437 million (Sh56.5 billion) in investments, driven by a supportive business environment and investor preference for the country’s startups.