- Spiro secures $100 million in funding, the largest-ever investment in African two-wheel electric mobility
- The company aims to deploy over 100,000 electric vehicles by the end of 2025, marking a 400% year-over-year growth
- Funding will expand Spiro’s battery-swapping infrastructure across Africa, reinforcing its leadership in clean and affordable transportation
Spiro has secured $100 million in funding, marking the largest-ever investment in Africa’s two-wheel electric mobility sector.
The company aims to deploy over 100,000 electric vehicles by the end of 2025 — a 400% year-over-year growth — while expanding its battery-swapping infrastructure across the continent to reinforce its leadership in clean and affordable transportation.
The $100 million investment round, led by the Fund for Export Development in Africa (FEDA), recognizes Spiro’s leadership in Africa’s mobility industry and highlights its advanced two-wheel battery-swapping infrastructure.
Spiro expects to surpass 100,000 deployed vehicles in 2025 — a 400% year-over-year increase.
Spiro, Africa’s leader in two-wheel transportation and battery swapping, announced the landmark $100 million investment — including $75 million from FEDA, the development impact investment arm of the African Export-Import Bank (Afreximbank).
The investment underscores Spiro’s mission to provide affordable and accessible mobility to the masses while transforming Africa’s clean energy and urban transport sectors.
“Africa is at an inflection point in personal mobility. Riders are rapidly shifting from internal combustion motorcycles to Spiro’s more affordable and accessible battery-swapping ecosystem and motorcycles. For the first time, riders are embracing sustainable transportation because it performs better, costs less to operate, and offers greater profitability than traditional gas-powered vehicles,” said Kaushik Burman, CEO of Spiro.
“This landmark $100 million investment underscores our shared vision to build a pan-African battery-swapping infrastructure that empowers riders with reliable, sustainable energy and mobility across the continent.”
Spiro will use the funding to expand its industry-leading battery-swapping infrastructure across existing and new markets while strengthening its technology platform. The company expects to surpass 100,000 deployed vehicles by the end of 2025, reinforcing its leadership in Africa and positioning itself among the world’s foremost battery-swapping providers.
“We are delighted to partner with Spiro on this transformative initiative,” said Professor Benedict Oramah, immediate past president of Afreximbank and chairman of the boards of Afreximbank and FEDA.
“Our investment reflects Afreximbank’s strong commitment to building a competitive and sustainable mobility sector in Africa. Together, we are laying the groundwork for a new era of intra-African trade and industrialization by stimulating local vehicle manufacturing, strengthening regional integration, and enhancing trade flows. At the same time, we are creating skilled employment opportunities and reducing the continent’s reliance on imported second-hand vehicles.”
Founded in 2022, Spiro’s vision is to transform Africa’s transportation sector by building a mobility ecosystem that integrates advanced battery swapping with mass-market motorcycles. Spiro is committed to creating solutions made in Africa, by Africans, for Africa and the world.
Today, Spiro operates Africa’s fastest-growing and largest battery-swapping infrastructure, commercially active in Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo, with pilot programs recently launched in Tanzania and Cameroon.
Before this latest round, Spiro had secured more than $180 million from Equitane and Société Générale, reinforcing investor confidence in the company’s long-term growth strategy.
“We are proud to welcome FEDA as a strategic investor as we accelerate Spiro’s mission to transform mobility, energy storage, and distribution across Africa,” said Gagan Gupta, Founder of Spiro.
“Spiro’s rapid expansion into new markets reflects the continent’s strong appetite for clean, affordable, and efficient transportation. As we expand our battery-swapping infrastructure and integrate renewable energy sources into our energy mix, we are positioned to unlock substantial upside in Spiro’s energy distribution.”
“Spiro’s success to date is a clear demonstration of the strength and scalability of its business model,” said Marlene Ngoyi, CEO of FEDA.
“The company’s rapid growth and strong market adoption underscore the significant demand for affordable, sustainable mobility solutions across Africa. With its integrated approach, Spiro has built a platform that is both commercially viable and socially impactful.”
