African electric mobility company Spiro has raised $100 million (approx. Shs347 billion), the largest-ever investment in the continent’s two-wheel electric vehicle sector.
The funding round was led by The Fund for Export Development in Africa (FEDA), the investment arm of the African Export-Import Bank (Afreximbank), with $75 million coming from FEDA.
The investment highlights Spiro’s growing influence in Africa’s transport industry and its leading role in developing large-scale battery-swapping infrastructure.
Spiro plans to use the new capital to expand its battery-swapping network across both existing and new markets, while enhancing its technology platform.
The company expects to have over 100,000 electric motorcycles on African roads by the end of 2025, a fourfold increase from last year.
“Africa is at an inflection point in personal mobility. Riders are rapidly shifting from internal combustion motorcycles to Spiro’s more affordable and accessible battery-swapping ecosystem and motorcycles,” said Kaushik Burman, CEO of Spiro.
“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.”
Burman added that the $100 million investment “underscores our shared vision to build a pan-African battery-swapping infrastructure that empowers riders with reliable, sustainable energy and mobility across the continent.”
Professor Benedict Oramah, President of Afreximbank and Chairman of FEDA, said the partnership marks a major step forward for Africa’s mobility and trade sectors.
“We are delighted to partner with Spiro on this transformative initiative. Our investment reflects Afreximbank’s strong commitment to building a competitive and sustainable mobility sector in Africa,” said Oramah.
He added, “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.”
Founded in 2022, Spiro operates the largest and fastest-growing battery-swapping network in Africa.
It currently runs commercial operations in Kenya, Uganda, Rwanda, Nigeria, Benin and Togo, and has launched pilot programmes in Tanzania and Cameroon.
Before this latest investment, the company had already raised over $180 million from Equitane and Société Générale, underlining investor confidence in its business model.
“We are proud to welcome FEDA as a strategic investor as we accelerate the growth of Spiro’s mission to transform mobility, energy storage, and distribution across Africa,” said Gagan Gupta, Founder of Spiro.
He added, “As we expand our battery-swapping infrastructure and integrate renewable energy sources, we are positioned to unlock substantial upside in Spiro’s energy distribution.”
Marlene Ngoyi, CEO of FEDA, added: “Spiro’s success to date is a clear demonstration of the strength and scalability of its business model. The company’s rapid growth and strong market adoption underscore the significant demand for affordable, sustainable mobility solutions across Africa.”
With more than 60,000 electric motorcycles, 1,200 battery-swapping stations, and over 26 million swaps completed, Spiro says its vehicles have covered 800 million kilometres of low-carbon travel, cutting emissions while lowering transport costs for riders.
The company operates several assembly facilities across Uganda, Kenya, Nigeria and Rwanda, part of its commitment to create “solutions made in Africa, by Africans, for Africa and the world.”
