GoCab, a mobility and financial services platform, has raised $45 million in new financing to scale electric mobility and expand access to ethical, Shariah-compliant financing for gig-economy drivers and delivery couriers across Africa. The company positions its model around a structured pathway that helps workers generate stable income while progressively gaining ownership of the vehicles they use for work.
The financing includes $15 million in equity and $30 million in debt. The equity round was co-led by E3 Capital and JANNGO Capital, with participation from KawiSafi Ventures and Cur8 Capital. Separately, GoCab said it has secured more than $30 million in debt commitments from Cur8 Capital and others as part of a broader $60 million Shariah-compliant debt facility that is currently being structured.
GoCab said the capital will be used to scale operations in its core markets, expand into additional high-growth cities across Africa and beyond, and increase the proportion of electric vehicles in its fleet. The company also plans to deploy AI-driven tools across credit scoring, fleet optimization, and risk management as it grows.
Operationally, GoCab said it now employs more than 120 people across five countries and that it generates more than $17 million in annual recurring revenue after roughly 18 months of operations. The company is targeting $50 million in annual recurring revenue by the end of 2026 and $100 million in 2027. GoCab was founded by Azamat Sultan and Hendrick Ketchemen, who, the company said, came from investment banking backgrounds with experience in structured finance and emerging markets.
GoCab’s pitch to investors centers on the intersection of financial inclusion, climate-smart transportation, and the future of work, arguing that limited access to vehicles and fair financing continue to constrain millions of workers excluded from traditional financial systems. The company said expanding electric mobility is a core pillar of its strategy, aiming to reduce emissions, lower operating costs for drivers, and support cleaner, more resilient urban transport ecosystems.
KEY QUOTES
“For us, GoCab is about restoring dignity and opportunity through ownership. Across Africa, millions of people are locked out of both mobility and finance. We saw how capital was flowing everywhere except to the people who actually needed it to work. This round allows us to scale responsibly expanding access to fair, ethical financing while accelerating the transition to electric mobility, lowering carbon emissions, and building a more inclusive and sustainable future in close alignment with our investors.”
Azamat Sultan, Co-Founder And Executive Chairman, GoCab
“Transforming lives and improving the daily reality of thousands of families is the mission we have set for ourselves. We believe that capital can and must become a powerful force for transformation across Africa and emerging markets.”
Hendrick Ketchemen, Co-Founder, GoCab
“The shortage of vehicles and the high cost of transportation remain two of the most pressing challenges across Africa. GoCab is addressing both head-on through a data- and technology-driven platform that expands access to mobility while improving efficiency at scale. Its rapidly growing EV fleet lowers costs for riders and drivers alike, while significantly reducing emissions. We are proud to support GoCab as it builds the leading pan-African mobility platform for the future.”
Vladimir Dugin, Managing Partner, E3 Capital
“We are proud to lead GoCab’s $15 million equity round, catalysing over $30 million in debt financing. We were impressed by their vision, their world-class team, and the quality of their execution. With this funding, GoCab now has the scale to deploy thousands of productive vehicles, each supporting a full-time income. With a clear operational roadmap toward 10,000 active assets and $100 million in recurring revenue, GoCab illustrates how ethical financing can translate into tens of thousands of decent jobs, household resilience, and sustainable growth at scale.”
Fatoumata Bâ, Founder And Executive Chair, Janngo Capital
“GoCab is building critical infrastructure for climate-smart mobility and the future of work in emerging markets. The combination of disciplined execution, strong unit economics, and a clear impact thesis makes GoCab a compelling platform for sustainable growth.”
Marcus Watson, Partner, KawiSafi Ventures
