Spiro, an electric vehicle startup based in Nairobi, has successfully secured $100 million in fresh capital aimed at broadening its battery-swapping infrastructure and expanding its footprint into new African markets such as Cameroon and Tanzania. This funding round, spearheaded by Afreximbank’s Fund for Export Development in Africa (FEDA), marks the largest injection of capital into Africa’s electric two-wheeler industry to date.
The $100 million raised is part of an equity financing round, with $75 million contributed by FEDA, Afreximbank’s investment division, according to a Spiro representative who spoke with TechCabal on Tuesday. This latest infusion elevates Spiro’s cumulative debt and equity funding to $280 million.
The company has opted not to reveal its current valuation, stating, “As a privately held entity, we are not authorized to disclose our valuation at this time.”
This capital injection represents a pivotal moment for Africa’s electric mobility landscape, where two-wheeled vehicles dominate urban transport and there is a surging appetite for affordable, eco-friendly alternatives. Spiro’s strategy to scale its battery-swapping stations places it at the forefront of efforts to replace traditional petrol motorcycles with electric models designed for widespread adoption.
Kaushik Burman, Spiro’s CEO, emphasized that the new funds will fast-track the company’s ambition to deploy 100,000 electric motorcycles by the close of 2025, a fourfold increase compared to last year. “This significant $100 million investment highlights our collective commitment to establishing a continent-wide battery-swapping network that delivers dependable, sustainable energy and mobility solutions to riders across Africa,” Burman stated.
Currently, Spiro manages a fleet exceeding 50,000 electric motorcycles and operates more than 1,000 battery-swapping hubs across six African nations.
In Kenya, Spiro commands roughly 21% of the motorcycle market, including petrol-powered bikes. It dominates over 90% of the country’s electric vehicle segment, encompassing both motorcycles and cars, and holds a 52% share of all electric motorcycles.
Spiro’s Kenyan operations include a fleet of over 8,000 electric motorcycles supported by 200 battery swap stations. Uganda hosts approximately 12,000 bikes and 200 stations, while Rwanda leads with 14,000 motorcycles and 500 active swapping points. The remainder of Spiro’s electric vehicles are distributed across West African countries such as Nigeria, Benin, and Togo. Collectively, riders within Spiro’s network have completed upwards of 23 million battery swaps and traveled more than 800 million kilometers.
Established in 2022 by Gagan Gupta, Spiro currently operates in six African countries and is preparing to enter Tanzania and Cameroon. The company’s innovative model pairs electric motorcycles with a subscription-based battery-swapping service, enabling users to exchange depleted batteries for fully charged ones within minutes. In Kenya, a single battery swap is priced at KES 290 (approximately $2.24).
Spiro assembles its motorcycles locally from completely knocked-down (CKD) kits-imported components that are put together in Kenya, Rwanda, and Uganda.
Notably, Spiro’s electric bike motors are produced domestically in Kenya, with the motor assembly line uniquely staffed entirely by a team of around 40 women. The company envisions leveraging supportive government policies and access to financing to unlock Africa’s manufacturing potential in the electric vehicle sector.
Prior to this funding round, Spiro had raised $180 million from investors including Equitane and Société Générale. The new capital will be directed towards enhancing its technology platform, expanding local assembly operations, and exploring new applications in energy distribution. Spiro’s rapid growth parallels that of other electric mobility companies such as Roam and Ampersand, which are also scaling battery-swapping solutions across the continent.