Spiro, one of Africa’s leading two-wheeler electric mobility companies, announced on Tuesday, October 21, 2025, that it has raised $100 million (USD) to expand its battery-swapping infrastructure. This record-breaking fundraising round marks a major milestone for the electric motorcycle sector on the continent.
Record Funding and Innovative Business Model
The investment represents an unprecedented amount in Africa’s two-wheeler electric mobility industry. The operation includes a major contribution of $75 million from the Fund for Export Development in Africa (FEDA), the impact investment arm of the African Export-Import Bank (Afreximbank).
Spiro, headquartered in Dubai, has developed a unique business model in Sub-Saharan Africa that explains its rapid growth: instead of waiting for their batteries to recharge, customers can simply swap empty batteries for full ones at exchange stations located in both urban and rural areas.
The newly raised funds will be used to expand Spiro’s network of battery-swap stations in existing and future markets, while also strengthening the company’s technology platform.
A Turning Point for Personal Mobility in Africa
Spiro CEO Kaushik Burman hailed the milestone, saying:
“Africa is at a turning point in personal mobility. Riders are rapidly moving away from internal combustion engine motorcycles towards Spiro’s affordable and accessible battery-swapping ecosystem.”
Marlene Ngoyi, Managing Director of FEDA, praised the company’s strong fundamentals:
“Spiro’s success to date clearly demonstrates the strength and scalability of its business model. The company’s rapid growth and widespread market adoption highlight the strong demand for affordable and sustainable mobility solutions across Africa.”
Growth Ambitions and Environmental Impact
Spiro currently operates in seven African countries — Benin, Togo, Kenya, Rwanda, Uganda, Nigeria, and Cameroon — and aims to surpass 100,000 deployed vehicles by the end of 2025, consolidating its leadership position.
The company’s impact is already significant:
- Over 60,000 electric motorcycles are currently on the road.
- More than 1,200 battery-swapping stations have been installed.
- Riders have collectively traveled more than 800 million kilometers with minimal carbon emissions.
By replacing costly, fossil fuel–based transport options with sustainable and affordable alternatives, Spiro is playing a key role in advancing Africa’s energy transition.
Founded in 2019 with the support of the Equitane Group, led by Indian investor Gagan Gupta, Spiro also operates vehicle assembly plants in Uganda, Kenya, Nigeria, and Rwanda.
