Spiro, the electric two-wheel transport and battery swapping provider in Africa, has finalised a historic $100 million investment round. This is the largest single investment ever committed to two-wheel electric mobility across the continent.
The significant funding includes $75 million from The Fund for Export Development in Africa (FEDA), the development impact investment arm of the African Export-Import Bank (Afreximbank). The capital validates Spiro’s dual mandate: delivering accessible, low-cost mobility to the masses while rapidly advancing Africa’s clean energy and urban transport sectors.
Kaushik Burman, CEO of Spiro, explained the market shift: “Africa is experiencing a turning point in personal mobility. Riders are quickly choosing Spiro’s affordable battery-swapping ecosystem and motorcycles over conventional internal combustion bikes. For the first time, people are embracing sustainable transport because it performs better, costs less to run, and offers greater profit potential than traditional petrol-powered vehicles.”
He added, “This landmark $100 million investment confirms our joint commitment to developing a comprehensive, pan-African battery-swapping infrastructure that provides riders with dependable, sustainable energy and mobility throughout the continent.”
Strategic Expansion and Economic Impact
Spiro will direct the new funds toward expanding its industry-leading battery-swapping infrastructure into both current and new markets, alongside enhancing its core technology platform. The company projects its deployed vehicle count will exceed 100,000 by the end of 2025, a target that will cement its leadership in Africa and rank it among the world’s top battery-swapping providers.
Professor Benedict Oramah, President of Afreximbank and Chairman of FEDA, highlighted the broader economic goals: “We are excited to partner with Spiro on this transformative effort. Our investment reflects Afreximbank’s deep dedication to building a competitive and enduring mobility sector in Africa. Together, we are creating the foundation for a new era of intra-African trade and industrialisation by spurring local vehicle production, strengthening regional unity, and boosting trade flows. We are equally focused on creating skilled jobs and reducing the continent’s reliance on used, imported vehicles.”
Company Background
Since its launch in 2022, Spiro has focused on transforming Africa’s transport landscape by building a mobility ecosystem that combines mass-market electric motorcycles with advanced battery swapping. Spiro is committed to a ‘Made in Africa’ philosophy. It currently runs the continent’s largest and fastest-growing battery swapping network, operating commercially in six African nations: Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo. Pilot programs recently commenced in Tanzania and Cameroon.
Before this latest round, Spiro had successfully raised over $180 million from investors, including Equitane and Société Générale.
Gagan Gupta, Founder of Spiro, welcomed the new strategic partner: “We’re proud to bring FEDA aboard as we accelerate Spiro’s mission to revolutionise mobility, energy storage, and distribution across Africa. Spiro’s rapid growth into new territories demonstrates the continent’s strong demand for clean, affordable, and effective transportation. By scaling our battery swapping network and integrating renewable sources, we are positioned to unlock significant future value in energy distribution.”
Marlene Ngoyi, CEO of FEDA, concluded, “Spiro’s success so far is a clear testament to the strength and scalability of its business model. The company’s fast growth and strong market uptake underscore the high demand for affordable, sustainable mobility solutions throughout Africa. Through its integrated strategy, Spiro has built a platform that is both commercially viable and profoundly socially impactful.”
