- Spiro has secured a landmark $100 million investment, marking the largest funding round ever in Africa’s electric two-wheeler mobility sector.
- The company aims to deploy upwards of 100,000 electric vehicles by the close of 2025, representing a remarkable 400% growth compared to last year’s figures.
- Funds will be directed towards expanding Spiro’s battery-swapping infrastructure continent-wide, reinforcing its position as a leader in sustainable and cost-effective transportation solutions.
In a pioneering development, Spiro has raised $100 million, setting a new record for investment in Africa’s electric two-wheeler industry.
This capital injection will empower Spiro to roll out over 100,000 electric vehicles by 2025, a staggering 400% increase from the previous year. Alongside vehicle deployment, the company plans to broaden its battery-swapping network across Africa, emphasizing its dedication to environmentally friendly and affordable mobility options.
The funding round, spearheaded by the Fund for Export Development in Africa (FEDA), acknowledges Spiro’s innovative role in reshaping the continent’s transportation ecosystem and its advanced battery-swapping technology.
By 2025, Spiro anticipates surpassing the milestone of 100,000 electric vehicles in operation, signaling rapid growth in Africa’s electric mobility market.
As the continent’s foremost provider of electric two-wheelers and battery-swapping services, Spiro announced this historic $100 million funding, with $75 million contributed by FEDA, the investment arm of the African Export-Import Bank (Afreximbank).
This significant investment underscores Spiro’s mission to deliver accessible, affordable transportation while revolutionizing urban mobility and clean energy sectors across Africa.
“Africa stands at a pivotal moment in personal transportation. Increasing numbers of riders are transitioning from traditional petrol motorcycles to Spiro’s affordable and convenient battery-swapping system. This shift is driven by electric vehicles’ superior efficiency, lower operating costs, and enhanced profitability,” stated Kaushik Burman, CEO of Spiro.
“This unprecedented $100 million investment embodies our shared vision to establish a continent-wide battery-swapping network that provides reliable, sustainable energy and mobility solutions to riders.”
The funds will be utilized to expand Spiro’s battery-swapping infrastructure into both mature and emerging markets, while enhancing its technological platform. This expansion is expected to cement Spiro’s leadership in Africa and position it as a global pioneer in battery-swapping services.
“We are honored to collaborate with Spiro on this groundbreaking initiative,” remarked Professor Benedict Oramah, former Afreximbank president and chairman of both Afreximbank and FEDA boards.
“Our investment reflects Afreximbank’s commitment to fostering a competitive and sustainable mobility ecosystem in Africa. Together, we are unlocking new opportunities for intra-African trade and industrial growth by promoting local manufacturing, strengthening regional integration, and boosting commerce. This project will also generate skilled jobs and reduce dependence on imported second-hand vehicles.”
Established in 2022, Spiro envisions transforming Africa’s transport landscape by creating a comprehensive mobility ecosystem that integrates state-of-the-art battery-swapping technology with widely accessible electric motorcycles. The company is dedicated to delivering solutions designed in Africa, by Africans, for Africa and beyond.
Currently, Spiro operates the continent’s fastest-growing and largest battery-swapping network, with commercial services active in Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo, with pilot programs underway in Tanzania and Cameroon.
Prior to this latest funding, Spiro had already secured over $180 million from investors including Equitane and Société Générale, reflecting strong confidence in its long-term vision.
“We are thrilled to welcome FEDA as a strategic partner as we accelerate Spiro’s mission to revolutionize mobility, energy storage, and distribution across Africa,” said Gagan Gupta, Spiro’s founder.
“Our swift expansion into new markets mirrors the continent’s growing demand for clean, affordable, and efficient transportation. By scaling our battery-swapping infrastructure and integrating renewable energy, we are unlocking significant growth potential in Africa’s energy distribution sector.”
“Spiro’s achievements to date demonstrate the robustness and scalability of its business model,” noted Marlene Ngoyi, CEO of FEDA.
“The company’s rapid market adoption and widespread acceptance highlight the urgent need for affordable, sustainable mobility solutions across Africa. Through its integrated approach, Spiro has built a platform that is both commercially viable and socially transformative.”