Nithio has extended a USD 7 million senior debt working capital facility to Spiro Mobility through its FAIR (Facility for Adaptation, Inclusion and Resilience) platform. This marks its first direct investment in Africa’s e-mobility sector.
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Unlike venture capital equity rounds, this is structured as senior debt. Debt financing typically follows proven unit economics. It suggests that Spiro’s model is demonstrating predictable cash flows and operational scale.
Spiro operates in more than seven African markets and reports 80,000+ electric motorcycles deployed, 2,500+ battery swap stations, 4 assembly facilities and a growing base of commercial riders benefiting from lower fuel and maintenance costs.
Electric two-wheelers have quietly reached a tipping point:
- Lower operating costs than internal combustion bikes
- Reduced maintenance requirements
- Faster turnaround times through battery swapping networks
For commercial riders, this translates into improved daily earnings.
Nithio’s investment thesis reflects this dual opportunity: climate resilience and economic inclusion.
As Raghav Sachdeva, Chief Investment Officer at Nithio, noted:
“Spiro has demonstrated that electric mobility can scale rapidly while delivering real economic value to riders and meaningful emissions reductions.”
Infrastructure Is the Real Story
What differentiates Spiro from smaller EV players is its battery-swapping backbone.
Charging infrastructure has long been cited as a barrier to EV adoption in Africa. By deploying 2,500+ swap stations, Spiro removes downtime for commercial riders.
Battery swapping also shifts asset ownership and battery risk away from riders. This makes adoption easier and more affordable.
That infrastructure-heavy approach may explain why institutional capital like Nithio is stepping in with structured debt.
Africa’s climate transition will not be driven solely by large-scale solar farms or grid infrastructure. It will increasingly be shaped by market-ready, commercially viable solutions embedded in daily economic activity.
For Spiro, the $7 million facility strengthens its working capital base as it expands across existing and new markets.
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Also Read: Kenya’s Spiro Secures $100 Million to Accelerate Africa’s Electric Mobility Revolution
