Spiro raises $50 million in debt funding

Africa’s electric mobility and battery-swapping company, Spiro, has raised $50 million in debt funding from the African Export-Import Bank (Afreximbank), Nithio, and the Africa Go Green Fund, managed by Cygnum Capital. The funding follows a $100 million investment announced in October 2025.

The company stated that the new capital will support the expansion of its battery-swapping network in existing and new markets. It will also be used to further develop its technology platform, including automated battery swapping, fast charging, and renewable energy integration.

According to Spiro, the company operates a battery-swapping network for electric two-wheelers in Africa, and has deployed more than 80,000 electric motorcycles, 300,000 batteries, operates over 2,500 battery swapping stations, and has completed more than 30 million battery swaps. It reports that over one billion kilometres have been travelled using its platform.

Spiro operates in Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo. Pilot projects are underway in Cameroon and Tanzania.

“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,” said Kaushik Burman, CEO of Spiro. “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 growth exemplifies the power of Made-in-Africa, for-Africa solutions,” said Gagan Gupta, Founder of Spiro. “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.”

“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,’’ said Laurène Aigrain, Managing Director of Africa Go Green Fund. “This transaction reflects our commitment to backing commercially robust businesses that combine innovation with measurable environmental and social impact.”

“Spiro is one of the largest and fastest-growing players in the pan-African e-mobility market,” said Raghav Sachdeva, CIO of Nithio. “They have demonstrated that electric mobility can scale rapidly while delivering real economic value to riders and meaningful emissions reductions. We are proud to support Spiro’s continued growth and see e-mobility as a critical pillar of Africa’s clean energy transition.”

“Driving Africa’s transition to electric mobility is central to how we view sustainable economic development across the continent,” said Oluranti Doherty, MD, Export Development at Afreximbank. “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.”

Africa Go Green Fund provides debt financing for energy efficiency, clean transport, and green infrastructure projects, with committed capital of USD 201 million. Nithio invests in clean energy companies and deploys blended finance to distributed renewable energy providers in Sub-Saharan Africa. African Export-Import Bank finances intra- and extra-African trade and reported over US$40.1 billion in assets as of December 2024. Cygnum Capital is an investment bank and asset manager with over USD 1.3 billion in assets under management across 34 African countries.

Also read: Africa’s e-mobility landscape is ripe for innovation and growth