Electric mobility is gaining serious traction across Africa, and Spiro is at the forefront. The company has raised $50 million in debt financing from African Export-Import Bank, U.S.-based climate fintech Nithio, and the Africa Go Green Fund to scale its battery-swapping network across the continent.
Spiro operates in Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo, with trials underway in Cameroon and Tanzania. The company has deployed more than 80,000 electric motorcycles, circulated over 300,000 batteries, completed 30 million battery swaps, and established more than 2,500 swap stations, with riders logging over 1 billion carbon-free kilometers.
The newly secured financing will allow Spiro to:
- Expand battery-swapping stations to existing and new markets
- Develop automated battery swap technologies and fast-charging infrastructure
- Integrate renewable energy into its network
“This funding reinforces our vision of building a robust, scalable energy network tailored for Africa by Africans,” said Kaushik Burman, CEO of Spiro. Founder Gagan Gupta added: “We will use it to deploy energy infrastructure that will contribute meaningfully to a greener future in Africa.”
The investment reflects rising confidence in Africa’s e-mobility sector. Days before Spiro’s announcement, Arc Ride, another e-mobility startup, received a $5 million equity commitment from the International Finance Corporation, while Ugandan e-bike startup Gogo Electric raised $1 million from ElectriFi.
Raghav Sachdeva, Chief Investment Officer at Nithio, noted: “Spiro is one of the largest and fastest-growing players in the Pan-African e-mobility market. We see e-mobility as a critical pillar of Africa’s clean energy transition.”
Similarly, Laurène Aigrain, Managing Director of Africa Go Green Fund, emphasized the fund’s commitment to backing commercially viable businesses with measurable environmental and social impact. Afreximbank framed its backing as central to sustainable industrialization across the continent, with Managing Director Oluranti Doherty stating: “Driving Africa’s transition to electric mobility is central to how we view sustainable economic development across the continent.”
Since 2022, Spiro has raised over $230 million, funding production and assembly facilities in Nigeria, Kenya, Uganda, and Rwanda. The latest round underscores the growing flow of climate-focused capital into Africa’s transport sector, as governments, private investors, and development financiers align on a shared vision: clean, scalable, and commercially sustainable mobility solutions.
With battery swapping, fast charging, and renewable integration, Spiro is demonstrating how e-mobility can address urban congestion, reduce emissions, and contribute to industrial development—while building a blueprint for Africa’s green transport revolution.
By Thuita Gatero, Managing Editor, Africa Digest News. He specializes in conversations around data centers, AI, cloud infrastructure, and energy.
