Spiro accelerates electric mobility

Spiro, Africa’s leader in two-wheel transportation and battery swapping, has announced a landmark US$100mn investment round, the largest in the continent’s two-wheel electric mobility sector to date

The round includes US$75mn from The Fund for Export Development in Africa (FEDA), the development impact investment arm of the African Export-Import Bank (Afreximbank). This investment reinforces Spiro’s mission to make mobility more affordable and accessible 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 US$100mn 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 plans to use the funding to expand its industry-leading battery-swapping infrastructure in both existing and new markets while enhancing its technology platform. The company aims to surpass 100,000 deployed vehicles by the end of 2025, solidifying its leadership in Africa and placing it 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 professor 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.”

Spiro aims to revolutionise Africa’s transport ecosystem through advanced battery-swapping technology and accessible electric motorcycles. With a strong commitment to “made in Africa, by Africans for Africa and the world,” Spiro operates the continent’s largest and fastest-growing battery-swapping network across Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo, with pilot programs in Tanzania and Cameroon. Before this round, Spiro had secured over US$180mn from Equitane and Société Générale.

“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. “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.”