Spiro, the electric two-wheel and battery-swapping company operating across multiple African markets, has closed a $100 million investment to accelerate affordable, low-carbon mobility on the continent. The round—described by the company and backers as the largest to date in Africa’s two-wheel EV segment—includes $75 million from the Fund for Export Development in Africa (FEDA), the development impact investment arm of Afreximbank, alongside other strategic investors.
Chief executive Kaushik Burman says Africa is hitting an inflection point in everyday transport as riders switch from internal-combustion motorcycles to Spiro’s battery-swap ecosystem. For many, the calculus is simple: electric bikes cost less to run, keep drivers on the road with near-zero downtime, and improve daily take-home earnings. Spiro claims its e-bikes are roughly 40% cheaper up front than new petrol models in markets like Kenya and Rwanda, while energy costs per kilometre come in about 30% lower. On a typical working day, riders can save up to $3 on fuel and maintenance compared with gas bikes—savings that compound over months.
The company plans to deploy more than 100,000 electric motorcycles by the end of 2025, a step up from its current footprint of over 60,000 bikes and more than 1,200 battery-swap stations. Riders either buy or lease a Spiro bike, collect a charged battery at a swap point, and pay only for the energy they consume. Stations house dozens of batteries charging around the clock, enabling quick exchanges that eliminate lengthy plug-in waits. That convenience has turned into repeat usage: Spiro reports over 26 million battery swaps to date, supporting 800+ million kilometres of low-emissions travel.
The fresh capital will be channelled into expanding swap infrastructure in existing markets and opening new ones, boosting manufacturing and assembly capacity, and investing in R&D, including renewable-backed charging and energy storage to keep the network resilient during grid disruptions. Spiro already operates commercially in Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo, with pilot programmes underway in Tanzania and Cameroon. To build local supply chains and jobs, the company has established assembly and manufacturing facilities in Kenya, Nigeria, Rwanda, and Uganda, and targets lifting local component sourcing from ~30% to ~70% within two years—covering parts such as plastics, helmets, brake systems, and battery sub-assemblies.
FEDA’s participation aligns with Afreximbank’s goal of strengthening regional industry. Bank president Benedict Oramah has framed the partnership as a way to catalyse intra-African trade, spur local vehicle production, and reduce dependence on imported second-hand motorcycles, while creating skilled employment. Prior to this round, Spiro had raised more than $180 million in a mix of debt and equity from Equitane (its parent group) and Société Générale, signalling sustained investor confidence in the model.
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Spiro’s growth arc has been rapid. Two years ago, the company was concentrated in Benin and Togo with a few thousand bikes and a modest station network. Today, it’s building one of the world’s most active battery-swapping systems for two-wheelers, tailored to the realities of African transport: boda bodas in East Africa and okadas in West Africa that ferry people and goods through dense cities and far-flung towns. By owning the energy network and charging a small fee per swap, Spiro aims to achieve economies of scale that make each additional station and bike more profitable over time.
Founder Gagan Gupta characterises the mission as broader than vehicles: a platform play at the intersection of mobility, energy storage, and distributed power. If deployment keeps pace with plans—and renewable generation increasingly feeds swap sites—Spiro’s grid-aware network could double as energy infrastructure, not just transport hardware. For riders, the promise is practical: lower daily costs, less downtime, and a path to higher earnings. For cities, it’s a cleaner commute and a foundation for home-grown EV manufacturing that keeps more value on the continent.
