Spiro, the continent’s leading electric two-wheel transport and battery-swapping company, has raised $100 million in a record-breaking investment round led by The Fund for Export Development in Africa (FEDA), the impact investment arm of Afreximbank.
The funding marks the largest-ever investment in Africa’s electric two-wheel mobility sector, underscoring growing investor confidence in Spiro’s scalable business model and its mission to make clean transportation accessible across the continent.
Of the total funding, $75 million comes directly from FEDA, signaling a strong endorsement of Spiro’s vision to reimagine Africa’s mobility and energy landscape.
Spiro’s CEO, Kaushik Burman, described the moment as a turning point in the continent’s transport evolution.
“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,” he said.
“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 added.
The company plans to channel the new capital into expanding its battery-swapping infrastructure, enhancing its technology platform, and deepening its footprint across both existing and new markets.
By the end of 2025, Spiro expects to have over 100,000 deployed electric motorcycles, a staggering 400% year-over-year growth that will further anchor its leadership on the continent.
Professor Benedict Oramah, President of Afreximbank and Chairman of FEDA’s Board, hailed the partnership as a catalyst for industrialization and intra-African trade.
“Our investment reflects Afreximbank’s strong commitment to building a competitive and sustainable mobility sector in Africa. Together, we are laying the groundwork for a new era of intra-African trade and industrialization by stimulating local vehicle manufacturing, strengthening regional integration, and enhancing trade flows,” he stated.
At the same time, we are focused on creating skilled employment opportunities and reducing the continent’s reliance on imported second-hand vehicles.”
Founded in 2022, Spiro has quickly emerged as the face of Africa’s green mobility revolution, operating the continent’s largest and fastest-growing battery-swapping network.
The company already runs commercial operations in Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo, and has recently launched pilot programs in Tanzania and Cameroon.
Its business model, built on affordability, accessibility, and sustainability, has attracted consistent investor confidence. Before this latest funding round, Spiro had raised over $180 million from Equitane and Société Générale, fortifying its position as a leader in clean transport innovation.
Gagan Gupta, Spiro’s Founder, emphasized that the company’s rapid expansion mirrors the continent’s appetite for cleaner and more efficient transportation.
“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,” he said.
“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 added.
Marlene Ngoyi, CEO of FEDA, noted that the deal demonstrates both the strength and the social impact of Spiro’s model. “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,” she observed.
With over 60,000 electric motorcycles, 1,200 battery-swapping stations, and more than 26 million successful battery swaps to date, Spiro has enabled over 800 million kilometers of low-carbon travel across Africa.
Beyond transforming urban mobility, the company is also reshaping local economies by reducing fuel dependence and creating manufacturing jobs through regional assembly facilities in Uganda, Kenya, Nigeria, and Rwanda.
Spiro’s strategy embodies a “Made in Africa, by Africans, for Africa and the world” ethos, a vision that aligns with Afreximbank’s broader goal of advancing sustainable industrialization through innovation and trade.
For Spiro, the $100 million milestone is not just a financial leap but a statement of confidence in Africa’s ability to lead the global shift toward green mobility.
By combining cutting-edge technology, localized manufacturing, and renewable energy integration, Spiro is setting a new standard for sustainable transport across the continent, one swap at a time.
