Pan-African electric mobility company Spiro has announced a record-breaking Ksh 12.9 billion ($100 million) funding round, the largest investment ever made in Africa’s two-wheel electric mobility sector.
The funding includes Ksh 9.68 billion ($75 million) from the Fund for Export Development in Africa (FEDA), the development impact investment arm of the African Export-Import Bank (Afreximbank). This strategic investment reinforces Spiro’s mission to provide affordable, accessible, and sustainable transportation solutions while accelerating the continent’s transition to clean energy.
Spiro CEO Kaushik Burman said the investment marks a major milestone in Africa’s shift toward sustainable personal mobility. “Riders are rapidly transitioning from internal combustion motorcycles to Spiro’s affordable and reliable battery-swapping ecosystem. This shift is being driven by superior performance, lower operational costs, and higher profitability,” he said.
Spiro founder Gagan Gupta highlighted that the partnership with FEDA will fuel the company’s expansion plans, enabling it to grow its battery-swapping infrastructure and integrate renewable energy sources. “We are positioned to unlock substantial potential in energy distribution while driving clean and efficient mobility across Africa,” he noted.
Afreximbank President Professor Benedict Oramah emphasized that the partnership aims to strengthen Africa’s competitiveness in sustainable mobility, stimulate local manufacturing, and create skilled employment.
Founded in 2022, Spiro currently operates in Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo, with pilot programs in Tanzania and Cameroon. The company has deployed over 60,000 electric motorcycles, built 1,200 battery-swapping stations, and completed 26 million swaps to date.
With this new funding, Spiro plans to surpass 100,000 deployed vehicles by the end of 2025, reinforcing its position as Africa’s leading battery-swapping provider and a global pioneer in clean, accessible electric mobility.
