Spiro, Africa’s leading two-wheel transportation and battery swapping company, has raised $100 million in investment to expand access to affordable mobility to the masses while transforming Africa’s clean energy and urban transport sectors.
This investment, which is also the largest-ever in the continent’s two-wheel electric transport sector, includes $75 million from the Fund for Export in Africa (FEDA), the development impact investment arm of African Export-Import Bank (Afreximbank).
Kaushik Burman, CEO of Spiro, stated that Africa is at an inflection point in personal mobility, noting that riders are rapidly shifting from internal combustion motorcycles to Spiro’s more affordable and accessible battery-swapping ecosystem and motorcycles.
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“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.
“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,” Burman said.
The company stated that it will use the funding to expand its industry-leading battery-swapping infrastructure across existing and new markets while further strengthening its technology platform.
Spiro also stated that it expects to surpass 100,000 deployed vehicles by the end of 2025, reinforcing its leadership in Africa and positioning the company among the world’s foremost battery-swapping providers.
“We are delighted to partner with Spiro on this transformative initiative. Our investment reflects Afreximbank’s strong commitment to building a competitive and sustainable mobility sector in Africa,” said Benedict Oramah, president of Afreximbank, and chairman of the boards of directors of Afreximbank and FEDA.
“Together, we are laying the groundwork for a new era of intra-African trade and industrialisation by stimulating local vehicle manufacturing, strengthening regional integration, and enhancing trade flows.
“At the same time, we are focused on creating skilled employment opportunities and reducing the continent’s reliance on imported second-hand vehicles,” Oramah said.
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Founded in 2022, Spiro has a vision to transform Africa’s transportation sector by building a mobility ecosystem that integrates advanced battery swapping and mass market accessible motorcycles.
The company added that they are 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 in six African countries, including Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo. The company recently launched pilot programmes 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 the growth of Spiro’s mission to transform mobility, energy storage, and distribution across Africa,” said Gagan Gupta, founder of Spiro.
Gupta also said that 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,” he noted.
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Marlene Ngoyi, CEO of FEDA, stated that Spiro’s success to date is a clear demonstration of the strength and scalability of its business model.
Ngoyi added that 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,” she said.
With more than 60,000 electric motorcycles, over 1,200 battery swapping stations, and over 26 million battery swaps to date, Spiro has achieved over 800 million kilometres of low-carbon emissions travel, transforming mobility and economies through substituting expensive imported fossil fuel-based transportation with affordable, accessible, and sustainable solutions.
