- Spiro raised a record $100m led by FEDA to expand its battery-swapping network and deploy 100,000 electric motorcycles across Africa by 2025.
- The investment strengthens Africa’s clean mobility push and supports Spiro’s drive for affordable, sustainable transport and local industrial growth.
Spiro, a leading African electric two-wheel mobility company, announced it had secured a record $100 million new funding, the most significant investment in the continent’s electric motorcycle sector.
The funding round includes $75 million from The Fund for Export Development in Africa (FEDA), the impact investment arm of the African Export-Import Bank (Afreximbank). Spiro said the capital will support the expansion of its battery-swapping infrastructure across existing and new markets and deepen its technology platform.
Meanwhile, Chief Executive Officer Kaushik Burman said the investment would accelerate the company’s mission to make sustainable mobility affordable and accessible to millions of riders.
“Africa is at an inflexion point in personal mobility,” Burman said. “Riders are rapidly shifting from internal combustion motorcycles to Spiro’s battery-swapping ecosystem. For the first time, sustainable transportation performs better, costs less, and offers greater profitability than traditional gas-powered vehicles.”
Spiro expects to deploy more than 100,000 electric motorcycles by the end of 2025, consolidating its position as Africa’s leading provider of battery-swapping services. The company operates in six countries: Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo. It has launched pilot programmes in Tanzania and Cameroon.
Furthermore, Prof Benedict Oramah, President and Chairman of Afreximbank and FEDA, described the partnership as strategic to Africa’s industrialisation and sustainability agenda.
“We are delighted to partner with Spiro on this transformative initiative,” Oramah said. “Our investment reflects Afreximbank’s commitment to developing a competitive and sustainable mobility sector in Africa while stimulating local manufacturing, regional integration, and skilled job creation.”
In addition, Spiro combines mass-market electric motorcycles with advanced battery-swapping technology. The company also promotes a “Made in Africa, by Africans, for Africa and the world” approach to industrial growth.
Before the latest round, Spiro had raised more than $180 million from investors, including Equitane and Société Générale. Founder Gagan Gupta said the new funding marks a significant milestone in Africa’s clean energy transition.
“We are proud to welcome FEDA as a strategic investor as we accelerate Spiro’s mission to transform mobility, energy storage and distribution across Africa,” Gupta said.
FEDA Chief Executive Officer Marlene Ngoyi said Spiro’s success highlights the scalability of Africa’s clean mobility market. “The company’s growth underscores the huge demand for affordable and sustainable mobility solutions across the continent,” she said.
Spiro said it has deployed over 60,000 electric motorcycles, established 1,200 battery-swapping stations, and completed over 26 million swaps, powering over 800 million kilometres of low-carbon travel.
The company said it drives environmental progress and economic inclusion across Africa by replacing fossil-fuel transport with accessible electric solutions.