Spiro Secures Record USD 100 M Funding To Expand Africa’s E-Mobility Network

Spiro, an electric mobility company gaining ground in Africa, has secured a USD 100 M investment round, marking the largest-ever funding in the continent’s two-wheel EV sector.

The round includes USD 75 M from The Fund for Export Development in Africa (FEDA), the development impact arm of Afreximbank, and will fund Spiro’s expansion of its battery-swapping network across existing and new markets. The company plans to deploy over 100,000 electric vehicles by the end of 2025, solidifying its leadership in Africa’s clean mobility shift.

Founded in 2022 by Gagan Gupta, Spiro operates in Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo, with pilot programs underway in Tanzania and Cameroon. The company previously raised over USD 180 M from Equitane and Société Générale.

CEO Kaushik Burman said the funding underscores a shared vision to build a pan-African battery-swapping infrastructure that delivers affordable, sustainable, and reliable mobility to millions of riders.