Spiro has secured $50 million (KES 6.5 billion) in debt financing to accelerate the build-out of its battery-swapping grid across eight African markets, reinforcing its position in the continent’s fast-growing electric two-wheeler industry.
The financing was backed by African Export-Import Bank (Afreximbank), Nithio, and the Africa Go Green Fund managed by Cygnum Capital. The new facility follows a $100 million investment secured in October 2025, bringing Spiro’s recent capital raise to $150 million as it doubles down on infrastructure-led expansion.
Expanding the battery-swap backbone
The company said proceeds will fund the rollout of additional battery-swapping stations in existing markets like Kenya, Uganda, Rwanda, Nigeria, Benin and Togo, while strengthening pilot operations in Cameroon and Tanzania.
Spiro’s model centres on separating battery ownership from motorcycle ownership, allowing riders to swap depleted batteries for fully charged ones within minutes. This reduces downtime and lowers upfront costs, making electric bikes commercially viable for ride-hailing and delivery operators.
Kaushik Burman, chief executive officer said the company is scaling automated battery-swap systems, fast-charging technology and renewable energy integration to support higher network density and operational efficiency.
Read also: Spiro raises $100m to drive Africa’s e-mobility growth
Building scale across eight countries
According to company data, Spiro has deployed more than 80,000 electric motorcycles, distributed over 300,000 batteries, completed 30 million battery swaps and established more than 2,500 swap stations. The firm says its platform has enabled more than one billion carbon-free kilometres travelled.
Those metrics position Spiro among the largest electric two-wheeler operators on the continent, particularly in East and West Africa where commercial motorcycles dominate urban mobility.
Development finance signals confidence
The participation of Afreximbank underscores growing institutional confidence in electric mobility as both a climate and economic play. African economies spend billions annually on fuel imports, and electrification of commercial transport offers a pathway to reduce foreign exchange pressures while cutting emissions.
Nithio and Africa Go Green Fund bring climate-focused capital into the structure, reflecting a broader shift toward asset-backed debt financing in Africa’s clean energy space.
Gagan Gupta, Spiro’s founder, said the capital will accelerate efforts to expand access to electric mobility across African cities.
Laurène Aigrain, managing director of Africa Go Green Fund, described Spiro as having built a platform capable of delivering impact at scale.
Nithio’s chief investment officer Raghav Sachdeva characterised the company as one of the largest and fastest-growing players in Africa’s e-mobility sector.
Read also: Spiro pushes for electric mobility to drive sustainable transport in Nigeria
Infrastructure over pilots
While electric mobility adoption in Africa has largely been driven by pilot programmes and venture equity, Spiro’s latest raise signals a shift toward infrastructure-heavy scaling supported by structured debt.
Battery swapping addresses a key bottleneck in African markets, unreliable grid power and long charging times. By building a dense swap network, Spiro aims to create a distributed energy ecosystem that supports commercial riders who depend on high daily utilisation rates.
With operations now spanning eight markets, the company’s strategy hinges on network effects: more swap stations increase convenience for riders, while a larger fleet improves asset utilisation across the grid.
As capital flows into climate-aligned transport infrastructure, Spiro’s expansion suggests Africa’s electric mobility transition is moving beyond experimentation and into grid-scale execution.
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