Spiro, the continent’s leading electric mobility company, has successfully raised $50 million in debt financing to aggressively expand its battery-swapping infrastructure across Africa. The funding round, led by Afreximbank alongside new climate-focused investors Nithio and the Africa Go Green Fund, underscores a massive market shift toward sustainable urban transport.
This fresh capital follows a landmark $100 million investment in October 2025—the largest ever recorded in Africa’s e-mobility sector. Spiro plans to use the funds to scale its proprietary technology, including automated battery-swap systems and rapid charging solutions, while integrating renewable energy into its charging networks to ensure a truly green ecosystem.
Operating in six countries – Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo—Spiro has already deployed more than 80,000 electric motorcycles and completed over 30 million battery swaps. The company’s “Energy-as-a-Service” model allows riders to exchange depleted batteries in under three minutes, mimicking the speed of a traditional petrol station.
Founder Gagan Gupta highlighted the importance of localized innovation in the company’s ascent.
“Spiro’s growth exemplifies the power of Made-in-Africa, for-Africa solutions,” Gupta stated. “By combining local insights with global best practices, we are creating a resilient, green energy ecosystem that supports economic development and climate goals.”
CEO Kaushik Burman added that the funding reinforces the vision of building a “robust, scalable energy network tailored for Africa by Africans,” specifically targeting the ubiquitous motorcycle taxi (boda boda) sector, which serves as the backbone of many African economies.
For institutional investors, the deal is a definitive vote of confidence in the commercial viability of climate-tech on the continent. Laurène Aigrain, Managing Director of the Africa Go Green Fund, noted that Spiro has built a platform delivering “tangible impact” across multiple markets, while Nithio’s Chief Investment Officer Raghav Sachdeva described e-mobility as a “critical pillar” of Africa’s clean energy transition.
The partnership also aligns with Afreximbank’s broader mandate to promote green industrial value chains. Oluranti Doherty, Managing Director for Export Development at Afreximbank, emphasized that supporting Spiro is central to financing the future of sustainable African trade.
With over one billion carbon-free kilometers already logged by its riders, Spiro’s expansion marks a significant step toward reducing Africa’s reliance on imported fossil fuels and achieving long-term climate goals.
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