Spiro, an electric vehicle enterprise based in India, has secured a significant debt financing agreement worth $50 million with Afreximbank to bolster its market presence in the regions where it currently operates. The company has a footprint in six African nations—Benin, Togo, Kenya, Nigeria, Uganda, and Ghana—and has set its sights on expanding into Cameroon and Morocco within the current year.
Over the last two years, Spiro has dedicated efforts to meticulously surveying African urban landscapes to pinpoint viable market opportunities. The company boasts the title of the largest operator of electric motorbikes on the African continent, with a primary focus on two-wheeled vehicles.
In its initial markets, Benin and Togo, Spiro has established a fleet of 11,000 motorbikes and a network of 300 battery-swapping stations. Since its launch in Kenya in September 2023, the company has rolled out 800 motorbikes, and it has introduced 300 motorbikes to the Rwandan market. Additionally, Spiro has ambitious plans to introduce 1,000 motorbikes to the Ugandan market by the end of 2024.
Kaushik Burman, the CEO of Spiro, articulated the company’s vision while attending the African CEO Forum in Kigali, stating, “We want to do 1 million units of 2-wheelers in five years.”
Burman emphasizes the importance of creating a comprehensive and sustainable electric vehicle ecosystem that encompasses all aspects of the industry. To this end, Spiro is not only focused on constructing rapid battery charging and swapping facilities but is also investing in Internet-of-Things (IoT) technology, mapping, and a proprietary ride-hailing application.
Burman draws a parallel with Uber, explaining that while Uber operates without owning bikes, Spiro is taking a different approach by manufacturing bikes and integrating them with a ride-hailing app. This app will also feature a payment system and be accessible to both drivers and passengers.
The advanced technology employed by Spiro will allow the company to monitor the motorbikes and batteries, as well as to track their usage. Supporting these technological advancements and the sophisticated ride-hailing platform is a dedicated team of 50 engineers based at the company’s innovation center in Pune, India.
Spiro is among several companies, including BasiGo, Roam, and Max, that have received investor backing to introduce electric vehicles in Africa. According to data from Mordor Intelligence, the electric vehicle market on the continent is projected to grow from an estimated $15.80 billion in 2024 to $25.40 billion by 2029.
