Spiro, an African electric mobility company, has raised $50 million in debt financing from Afreximbank, Nithio, and Africa Go Green Fund to expand across the continent as demand for its battery-swapping infrastructure and electric vehicles surges. The funding further cements its position in Africa’s electric mobility sector. In October 2025, the company raised $100 million, the largest electric mobility investment in the sector at the time. “Demand for Spiro’s battery-swapping infrastructure continues to grow,” said Kaushik Burman, CEO of Spiro. “With strong financial backing and technology, Spiro is leading Africa's transition to sustainable mobility.” The raise signals investor confidence in Spiro’s Made-in-Africa, for-Africa vision. Afreximbank still backing it after investing $75 million last october. Spiro’s core strategy is to transform urban mobility by deploying an affordable electric motorcycle ecosystem. It is expanding battery-swapping networks in key markets — Nigeria, Kenya, Uganda, Rwanda, Benin, and Togo — localising assembly to reduce costs, and offering e-bikes for commercial riders. Its growth comes as electric mobility gains momentum across the continent. Declining battery costs and inconsistent fuel pricing are making EVs more viable than petrol-powered alternatives for commercial drivers. Kenya has more than 1.9 million registered motorcycles, most operating as motorcycle taxis (boda bodas), providing e-mobility firms with a large base of daily users. Spiro claims it controls more than 50% of the electric motorcycle market. With about 20,000 EVs already on Nigerian roads and an expected compound annual growth rate (CAGR) of 30.6%, the sector is transitioning into a scalable industrial market. Founded in 2022, Spiro operates in Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo. The company says it has deployed more than 80,000 electric motorcycles and built over 2,500 battery-swapping stations across these countries. It has completed 30 million battery swaps, giving it one of the largest installed bases in the sector.
