Spiro gets Ksh.12.9 billion funding to expand electric mobility mission

Pan-African electric mobility company Spiro has announced a landmark Ksh.12.9 billion ($100 million) investment round, the largest investment ever in an African two-wheel electric mobility.

This includes Ksh.9.68 billion ($75 million) from The Fund for Export Development in Africa (FEDA), the development impact investment arm of African Export-Import Bank (Afreximbank).

The investment emphasizes Spiro’s mission to provide affordable and accessible mobility to the masses while transforming Africa’s clean energy and urban transport sectors.

Spiro CEO Kaushik Burman said that the investment underscores its shared vision to build a pan-African battery-swapping infrastructure that empowers riders with reliable, sustainable energy and mobility across the continent.

“Africa is at an inflexion point in personal mobility. Riders are rapidly shifting from internal combustion motorcycles to Spiro’s more affordable and accessible battery-swapping ecosystem and motorcycles. 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,” he said.

Spiro founder Gagan Gupta welcomed the partnership with FEDA, noting that it will complement the company’s expansion plan to achieve 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,” he said.

Spiro says it will use the funding to expand its battery-swapping infrastructure across existing and new markets while further strengthening its technology platform.

Spiro expects to surpass 100,000 deployed vehicles by the end of 2025, reinforcing its leadership in Africa and positioning the company among the world’s foremost battery-swapping providers.

Afreximbank president and chairman of the boards of directors of Afreximbank and FEDA Professor Benedict Oramah, said that the partnership will build a competitive and sustainable mobility sector in Africa.

“Together, we are laying the groundwork for a new era of intra-African trade and industrialisation 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,” Oramah noted.

FEDA CEO Marlene Ngoyi said that Spiro’s rapid growth and strong market adoption underscore the significant demand for affordable, sustainable mobility solutions across Africa.

Founded in 2022, Spiro has pioneered a vision to transform Africa’s transportation sector by building a mobility ecosystem that integrates advanced battery swapping and mass market accessible motorcycles.

It is currently in Kenya, Uganda, Rwanda, Nigeria, Benin and Togo and recently launched pilot programs in Tanzania and Cameroon.

Spiro says that this has seen more than 60,000 electric motorcycles being active, operating in over 1200 battery swapping stations and more than 26 million battery swaps undertaken to date.

Before this latest round, Spiro had secured more than Ksh.23.2 billion ($180 million) from Equitane and Société Générale, reinforcing investor confidence in the company’s long-term growth strategy.