Electric mobility company Spiro has strengthened its position in Africa, securing $50 million in debt funding from Afreximbank, along with new investors Nithio and the Africa Go Green Fund, managed by Cygnum Capital.
The investment follows the firm’s record $100 million raise in October 2025, marking another major milestone for the continent’s fast‑growing e‑mobility sector.
The company has already deployed more than 80,000 electric motorcycles, operates over 2,500 battery‑swapping stations, and has completed more than 30 million battery swaps across its network. The new capital will support the expansion of this infrastructure into additional markets, while advancing Spiro’s technology platform, including automated swaps, fast charging and renewable‑energy integration.
Kaushik Burman, CEO, said: “Demand for Spiro’s innovative, industry-leading battery swapping infrastructure continues to grow and is reshaping mobility in Africa by providing reliable, clean transportation options across the continent… This new funding reinforces our vision of building a robust, scalable energy network tailored for Africa by Africans.”
Founder Gagan Gupta added: “Spiro’s growth exemplifies the power of Made-in-Africa, for-Africa solutions… This funding empowers us to bring affordable clean energy and mobility to millions of Africans.”
Investors highlighted the firm’s impact and rapid scale. Laurène Aigrain of Africa Go Green Fund said the company is “delivering tangible impact across multiple African markets”, while Nithio’s CIO Raghav Sachdeva noted it’s role in emissions reduction and economic value creation.
Spiro now operates in Kenya, Uganda, Rwanda, Nigeria, Benin and Togo, with pilots in Cameroon and Tanzania. Its network has enabled more than one billion CO₂‑free kilometres travelled, supporting wider clean‑energy and climate‑action goals.
Afreximbank’s Oluranti Doherty said: “Driving Africa’s transition to electric mobility is central to how we view sustainable economic development across the continent.”
Image: Spiro Ekon M3 Electric Motorbikes. Credit: Spiro
