Spiro, Africa's largest electric mobility operator, has secured $50 million in fresh debt funding as part of a major vote of confidence in its mission to electrify the continent’s vast motorcycle taxi industry and build one of the largest clean energy infrastructure networks.
The funding, from Afreximbank, Nithio and Africa Go Green Fund, will finance the rapid expansion of Spiro’s battery-swapping network, scale automated swap technology, roll out fast-charging systems and deepen renewable energy integration across its hubs.
The raise follows the Pan-African EV company’s landmark $100 million investment in October 2025, which marked Africa’s largest-ever electric mobility funding round.
Kaushik Burman, CEO of Spiro stressed that the latest injection builds on that momentum, shifting the e-mobility company from aggressive rollout to infrastructure consolidation and deeper market penetration.
“Demand for Spiro’s innovative battery-swapping infrastructure continues to grow and is reshaping mobility in Africa. With strong financial backing and cutting-edge technology, Spiro is leading Africa’s transition to sustainable mobility,” he said.
Founded in 2022, Spiro has quickly become one of Africa’s largest electric two-wheeler players. The EV firm has deployed more than 80,000 electric motorbikes and circulated over 300,000 batteries.
It has also completed 30 million battery swaps, and built 2,500 battery-swapping stations across six countries, Kenya, Uganda, Rwanda, Nigeria, Benin and Togo. Pilots are underway in Cameroon and Tanzania, with further expansion expected in high-density urban corridors.
The new capital is particularly crucial because battery swapping is infrastructure-heavy and capital-intensive. Spiro retains ownership of the battery, the most expensive component of an electric bike, allowing riders to buy or lease the motorcycle while paying affordable daily swap fees.
This model shields riders from high upfront battery costs and reduces operating expenses compared to petrol bikes.
Laurène Aigrain, Managing Director of Africa Go Green Fund, said the investment reflects confidence in commercially viable climate solutions.
“Spiro has built a strong platform delivering tangible impact across multiple African markets,” she said.
Raghav Sachdeva, CIO of Nithio, added that electric mobility is a critical pillar of Africa’s clean energy transition.
"Spiro is one of the largest and fastest-growing players in the pan-African e-mobility market. They have demonstrated that electric mobility can scale rapidly while delivering real economic value to riders and meaningful emissions reductions,” he said.
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