Spiro has announced a landmark $100 million investment round. This is the largest ever investment round in Africa’s two-wheel electric mobility sector. The round includes a $75 million contribution from The Fund for Export Development in Africa (FEDA), the development impact investment arm of Afreximbank.
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According to Kaushik Burman, CEO of Spiro, the investment marks a pivotal moment for Africa’s clean mobility landscape. “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,” Burman said. “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.”
Spiro plans to use the fresh funding to expand its fast-growing battery-swapping network across both existing and new markets, while strengthening its proprietary technology platform. The company expects to deploy over 100,000 electric motorcycles by the end of 2025.
Spiro was founded in 2022 and operates the continent’s largest battery-swapping network. It is currently active in six countries, Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo. The company’s ecosystem approach integrates locally assembled electric motorcycles with a robust energy distribution model designed to reduce costs and emissions.
“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 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.”
Read: EV Company Spiro Secures $50 Million Debt Facility from Afreximbank to Expand in Africa
Prior to this latest round, Spiro had secured over $180 million from investors including 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.”
FEDA CEO Marlene Ngoyi added that Spiro’s success highlights both the commercial and social potential of electric mobility on the continent:
“Spiro’s success to date is a clear demonstration of the strength and scalability of its business model. The company’s rapid growth and strong market adoption underscore the significant demand for affordable, sustainable mobility solutions across Africa.”
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