Spiro raises $100 million in Africa’s largest investment in electric mobility

Spiro, an African two-wheel transportation and battery-swapping company, announced a $100 million investment round led by the Fund for Export Development in Africa (FEDA), the investment arm of the African Export-Import Bank (Afreximbank). Of this amount, $75 million will be provided by FEDA. The investment marks the largest to date in Africa’s two-wheel electric mobility sector.

Spiro plans to use the funds to expand its battery-swapping network in existing and new markets and to develop its technology platform. The company expects to deploy more than 100,000 vehicles by the end of 2025, a fourfold increase over the previous year.

Kaushik Burman, Chief Executive Officer of Spiro, said “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.”

Professor Benedict Oramah, President of Afreximbank and Chairman of the boards of directors of Afreximbank and FEDA, said “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. 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 focused on creating skilled employment opportunities and reducing the continent’s reliance on imported second-hand vehicles.”

Established in 2022, Spiro operates battery-swapping and electric two-wheeler services in Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo, and has pilot operations in Tanzania and Cameroon. Before this round, the company had raised more than $180 million from Equitane and Société Générale.

Spiro’s founder, Gagan Gupta, said “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. 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.”

Spiro operates more than 60,000 electric motorcycles and 1,200 battery-swapping stations. According to the company, it has recorded over 26 million battery swaps, accounting for more than 800 million kilometers of travel. The company also operates assembly facilities in Uganda, Kenya, Nigeria, and Rwanda. FEDA, a subsidiary of the African Export-Import Bank (Afreximbank), provides equity, quasi-equity, and debt capital across sectors such as manufacturing, transport, logistics, and financial services, and has invested over $1.3 billion across multiple projects. Afreximbank, a multilateral financial institution focused on financing and promoting African trade, reported total assets and contingencies valued at over $40 billion and shareholder funds of $7.2 billion as of December 2024.

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