Spiro raises $100m to expand battery-swapping network in Africa
The round includes $75 million from Afreximbank’s Fund for Export Development in Africa.
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Spiro, an electric two-wheel transportation and battery swapping company, has announced a $100 million investment round. This includes $75 million from the Fund for Export Development in Africa (FEDA), the development impact investment arm of the African Export-Import Bank.
Spiro 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.
“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. 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,” said Kaushik Burman, CEO of Spiro. “This landmark $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.”
Founded in 2022, Spiro today operates in six African countries that include Kenya, Uganda, Rwanda, Nigeria, Benin and Togo. The company recently launched pilot programmes in Tanzania and Cameroon.
Prior to this latest round, Spiro had secured more than $180 million from Equitane and Société Générale.
“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. “Spiro’s rapid expansion into new markets reflects the continent’s strong appetite for 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.”
“Spiro’s success to date is a clear demonstration of the strength and scalability of its business model,” said Marlene Ngoyi, CEO of FEDA. “The company’s rapid growth and strong market adoption underscore the significant demand for affordable, sustainable mobility solutions across Africa. With its integrated approach, Spiro has built a platform that is both commercially viable and socially impactful.”
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