The race to build Africa’s electric mobility infrastructure is accelerating, with Spiro securing an additional $55 million investment that could further expand access to clean and affordable transport across the continent.
The new funding from Chinese early-stage investor NewTrails Capital brings the investment round announced earlier this month to $270 million. It also increases Spiro’s total disclosed funding to about $557 million, cementing its position as one of Africa’s most heavily funded electric mobility companies.
The investment is expected to have a significant impact on the development of electric transport in Africa. Spiro said it will use the fresh capital to expand its battery-swapping network, manufacturing operations and energy infrastructure in markets where it already operates, including Kenya, Uganda, Rwanda and Nigeria. The expansion could improve access to affordable mobility solutions while supporting the growth of clean energy infrastructure across the continent.
The latest funding comes less than two weeks after Spiro appointed former Indofast Energy chief executive Anant Badjatya as its group chief executive officer. Badjatya previously oversaw a battery-swapping network of more than 1,800 stations in India, one of the world’s most developed markets for the technology, bringing valuable experience as the company enters its next phase of growth.
“Partnering with NewTrail Capital’s deeply experienced team marks a powerful new chapter for Spiro as we prepare for the next steps of our pan-African and international expansion,” founder and chairman Gagan Gupta said.
Founded in 2022 by Gupta, Spiro says it has deployed more than 100,000 electric vehicles and built more than 2,500 battery-swapping stations across seven countries. The company has also been increasing local manufacturing. In October 2025, it said that 30 percent of the value of its motorcycles was being produced locally, a development that could create more economic opportunities and strengthen local supply chains.
The investment also deepens Spiro’s relationship with Chinese investors and suppliers. The company has previously sourced batteries from Chinese manufacturers, including an $11.6 million supply agreement with CBAK Energy Technology.
NewTrails Capital said it sees Spiro as an “infrastructure-like business” and believes its battery-swapping network forms part of the broader energy transition taking place across African markets.
“Spiro is still a young company, and everything today is only the beginning,” said Yufan Zhang, Founding Partner of NewTrails Capital. “We look forward to continuing to fulfill our role as a long-term investor, contributing our resources and experience, growing together with Spiro, and helping accelerate Africa’s new energy transition.”
Spiro has attracted backing from investors including Impact Fund Denmark, Equitane, FEDA, Nithio, Afreximbank and the Africa Go Green Fund, highlighting growing confidence in the company’s ability to help shape the future of sustainable transport and energy infrastructure in Africa.
