Spiro raises $215M in a significant investment round aimed at accelerating the growth of electric mobility infrastructure across Africa. The African electric mobility company secured USD 215 million from a group of institutional investors, including the African export and development finance institution FEDA, alongside investors from Europe and Africa.
The fresh capital marks a major milestone for the company as it moves beyond the proof-of-concept phase and prepares for a new era of large-scale expansion. The funding will support the development of electric vehicles (EVs), battery-swapping infrastructure, manufacturing operations, and advanced technology solutions across multiple African markets.
Funding to Expand Battery-Swapping Network and Manufacturing
According to the company, the new investment will be used to strengthen its battery-swapping ecosystem, expand vehicle assembly and manufacturing facilities, advance research and development initiatives, and enter new high-growth African markets.
Spiro raises $215M at a time when demand for sustainable transportation solutions is growing rapidly across the continent. The company has spent several years refining its vehicle portfolio, energy ecosystem, and technology platform, positioning itself for broader regional expansion.
Growing Demand for Affordable Electric Transportation
Africa’s increasing urban population, rising transportation needs, and focus on energy security are driving greater adoption of electric mobility solutions. Electric motorcycles are becoming particularly attractive due to their lower operating costs and environmental benefits.
The company states that riders using its electric motorcycles can reduce daily transportation expenses by up to 40%, saving as much as USD 2 per day compared to traditional petrol-powered motorcycles. These cost savings are helping make clean transportation more accessible for millions of riders.
Expanding Presence Across Seven African Markets
Currently, Spiro operates in seven African countries, including Kenya, Rwanda, Uganda, Togo, Benin, Nigeria, and Cameroon. The company is also preparing to expand into additional markets such as the Democratic Republic of the Congo and Ethiopia.
Its manufacturing network includes vehicle production facilities in Kenya, Rwanda, and Uganda, while Nigeria hosts its battery recycling facility. Supporting this ecosystem is an R&D team of more than 150 engineers and a portfolio of over 30 patents.
Beyond mobility, the company is investing in solar-powered battery-swapping stations and second-life battery applications that support renewable energy storage solutions.
Africa’s Largest Battery-Swapping Network Continues to Grow
Spiro raises $215M after achieving several major milestones across the continent. The company reports deploying more than 100,000 electric motorcycles, operating over 2,500 smart battery-swapping stations, and completing more than 30 million battery swaps.
Founder Gagan Gupta highlighted that the company’s operations have created approximately 6,000 direct and indirect sustainable jobs while supporting local manufacturing and industrial development across African markets.
Meanwhile, investors believe the company is well-positioned for strong commercial growth while delivering measurable climate benefits. As Spiro raises $215M, the investment is expected to strengthen its leadership position in Africa’s electric mobility sector and accelerate the transition toward cleaner, more affordable transportation solutions for millions of riders across the continent.
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