Africa’s largest electric mobility company, Spiro, has secured $50 million in debt financing from Afreximbank alongside new investors Nithio and Africa Go Green Fund, deepening investor backing for what is already the continent’s most capitalised e-mobility platform.
The funding follows Spiro’s landmark $100 million raise in October 2025, the largest electric mobility investment ever recorded in Africa, bringing fresh momentum to the company’s rapid continental rollout.
The new capital will be deployed to expand Spiro’s battery-swapping network across both existing and new markets, while accelerating development of its proprietary technology stack. That includes automated battery swap systems, fast-charging capabilities and deeper renewable energy integration, infrastructure designed to address Africa’s fragmented energy and transport ecosystems.
Kaushik Burman, Chief Executive Officer of Spiro, said demand for the company’s battery-swapping model continues to surge across multiple African markets.
“Demand for Spiro’s innovative, industry-leading battery swapping infrastructure continues to grow and is reshaping mobility in Africa by providing reliable, clean transportation options across the continent,” Burman said. “With strong financial backing and cutting-edge technology, Spiro is leading Africa’s transition to sustainable mobility. This new funding reinforces our vision of building a robust, scalable energy network tailored for Africa by Africans.”
Spiro’s founder, Gagan Gupta, framed the transaction as validation of a localised industrial strategy.
“Spiro’s growth exemplifies the power of Made-in-Africa, for-Africa solutions,” Gupta said. “By combining local insights with global best practices, we are creating a resilient, green energy ecosystem that supports economic development and climate goals. This funding empowers us to bring affordable clean energy and mobility to millions of Africans while deploying an industry leading energy infrastructure that will contribute meaningfully to a greener future in Africa.”
Six Markets, 80,000 Bikes, 30 Million Swaps
Spiro is currently operational in six countries Kenya, Uganda, Rwanda, Nigeria, Benin and Togo, with pilot projects underway in Cameroon and Tanzania.
The scale of deployment underscores the company’s first-mover advantage. To date, Spiro has:
- Deployed more than 80,000 electric motorcycles
- Circulated over 300,000 batteries
- Completed more than 30 million battery swaps
- Built more than 2,500 battery swap stations
- Enabled over one billion CO₂-free kilometres travelled
The company operates the continent’s most extensive battery-swapping network for electric two-wheel vehicles, positioning itself not merely as a transport operator but as an integrated energy infrastructure provider.
Through regional production and assembly facilities in Uganda, Kenya, Nigeria and Rwanda, Spiro is advancing a localised manufacturing strategy aimed at reducing fossil fuel dependency while strengthening intra-African industrial value chains.
Institutional Backing Signals Market Maturity
Investors described the financing as a strategic bet on scalable climate infrastructure.
Laurène Aigrain, Managing Director of Africa Go Green Fund, said the transaction reflects confidence in commercially viable green platforms.
“Spiro has built a strong platform that is delivering tangible impact across multiple African markets; we are pleased to support the next phase of its growth as it scales critical clean mobility infrastructure,” Aigrain said. “This transaction reflects our commitment to backing commercially robust businesses that combine innovation with measurable environmental and social impact.”
Raghav Sachdeva, Chief Investment Officer at Nithio, described Spiro as one of the fastest-growing operators in Africa’s electric mobility market.
“They have demonstrated that electric mobility can scale rapidly while delivering real economic value to riders and meaningful emissions reductions,” Sachdeva said. “We are proud to support Spiro’s continued growth and see e-mobility as a critical pillar of Africa’s clean energy transition.”
For Afreximbank, the deal aligns with its broader trade and industrialisation mandate.
Oluranti Doherty, Managing Director for Export Development at Afreximbank, said supporting electric mobility is central to sustainable economic development across the continent.
“By supporting Spiro, Afreximbank is committed to financing the future of sustainable African trade; we are promoting a green industrial value chain that keeps innovation at the forefront of a just energy transition,” Doherty said.
Strategic Implications
Africa’s two-wheel transport market, particularly in East and West Africa, underpins millions of livelihoods. High fuel costs, volatile currency markets and import dependence have created structural pressure on riders and small transport operators. Battery-swapping models eliminate upfront charging downtime while stabilising operating costs, giving electric two-wheelers a clear commercial edge over petrol-based alternatives.
Spiro’s cumulative capital base, now strengthened by this additional $50 million, positions the company to consolidate its early lead in a market that is rapidly drawing global climate finance interest.
With infrastructure density expanding across urban and peri-urban corridors, and renewable integration deepening, Spiro is building not just a mobility business but a distributed energy network that could become foundational to Africa’s broader clean industrial transition.
The scale of institutional backing suggests investors increasingly view African e-mobility not as experimental climate technology, but as core infrastructure.
