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Nairobi, Kenya | THE INDEPENDENT | Spiro, Africa’s largest electric mobility company and a pioneer in battery-swapping infrastructure, has raised $50 million in debt financing to accelerate the expansion of its clean transport network across the continent. The funding round was backed by African Export- Import Bank, Nithio and Africa Go Green Fund, reinforcing investor confidence in the company’s rapid growth trajectory and long-term strategy.
The new capital follows Spiro’s landmark $100 million investment in October 2025, the largest electric mobility investment recorded in Africa to date. The latest financing will support the continued rollout of Spiro’s battery-swapping infrastructure in both existing and new markets, while advancing its proprietary technology platform, including automated battery swaps, fast- charging capabilities and renewable energy integration.
Headquartered in Nairobi, Spiro has established itself as a central player in Africa’s emerging e- mobility ecosystem. The company currently operates in Kenya, Uganda, Rwanda, Nigeria, Benin and Togo, with pilot programs underway in Cameroon and Tanzania. To date, Spiro has deployed more than 80,000 electric motorcycles, circulated over 300,000 batteries and built a network of more than 2,500 battery-swapping stations. The platform has facilitated more than 30 million battery swaps and enabled over one billion kilometers of emissions-free travel.
Chief Executive Officer Kaushik Burman said the funding reflects rising demand for reliable and affordable clean transport solutions across African markets. He noted that the company’s vertically integrated model and proprietary technology are positioning it to scale rapidly while maintaining operational efficiency.
Founder Gagan Gupta emphasized the company’s focus on developing localized solutions tailored to African markets. By combining regional manufacturing, on-the-ground assembly facilities and digital infrastructure, Spiro aims to reduce reliance on imported fossil fuel-based transport while strengthening domestic industrial value chains.
Investors framed the transaction as both commercially and environmentally strategic.
Representatives from Africa Go Green Fund highlighted Spiro’s measurable environmental and social impact across multiple markets, while Nithio pointed to the company’s ability to deliver economic value to riders alongside meaningful emissions reductions. Afreximbank underscored its commitment to financing sustainable African trade and supporting green industrial development aligned with the African Continental Free Trade Agreement framework.
Spiro’s expansion strategy includes growing its regional production and assembly footprint in Uganda, Kenya, Nigeria and Rwanda. The company positions its operations as part of a broader push to align with global sustainability objectives, including advancing clean energy adoption, supporting sustainable cities and contributing to climate action targets.
With fresh capital in place and infrastructure deployment accelerating, Spiro is poised to deepen its presence in Africa’s fast-evolving mobility market, where demand for cost-efficient, low-carbon transport solutions continues to outpace supply.
