Spiro eyes 10x revenue jump to $200millon in 2025

Spiro, the electric mobility startup operating across seven African countries, is projecting $200 million in revenue for 2025 — a tenfold increase from the $20 million it claimed to have earned in 2024. The company’s aggressive growth forecast is tied to its rapid expansion plans, including scaled battery infrastructure across West Africa. 

This ambitious target was disclosed in a statement shared with Condia. The company noted that revenue in 2024 was largely driven by its pay-as-you-swap model, which charges riders daily for battery exchanges instead of upfront purchases. As Spiro deploys tens of thousands more bikes across Africa, it believes this recurring fee structure will underpin sustainable revenue growth.

Spiro’s business hinges on swapping old petrol bikes for electric ones at no upfront cost, and collecting daily battery fees (about $5.30/day). Riders gain ownership after 150,000 km. However, the company scraps around 40% of traded-in bikes, as retrofitting is often uneconomical.

To control costs, Spiro is localising production. It opened a vehicle and battery assembly plant in Ogun State, Nigeria, in July 2024, aiming to scale production from 1,000 to 100,000 units annually, including new three-wheeler models. The company also operates swap stations in Ogun and will begin road tests for three-wheelers this year.

This Nigerian expansion dovetails with other plant builds in Benin and Togo, as Spiro seeks to reduce dependency on Chinese imports and improve operational efficiency. Government partnerships like Uganda’s 140,000 e-bike plan by 2028 also hint at strong market demand if Spiro can keep up operationally.

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The mobility company was recently selected for the 2025 Regional Platforms for Climate Projects Pipeline. This recognition highlights Spiro’s position as a leading climate leader, delivering cutting-edge, high-impact solutions that accelerate Africa’s transition to a low-carbon, sustainable future in line with the Sustainable Development Goals (SDGs). To date, Spiro has deployed over 35,000 electric motorbikes and facilitated more than 20 million battery swaps.