African electric mobility leader Spiro has secured a landmark $100 million investment—the largest single funding round ever in Africa’s two-wheel e-mobility sector—signaling a major leap forward for sustainable urban transport on the continent. This milestone, anchored by a $75 million commitment from The Fund for Export Development in Africa (FEDA), the investment arm of the African Export-Import Bank (Afreximbank), underscores growing institutional confidence in Spiro’s vision to democratize clean, affordable transportation across Africa.
The Spiro $100 million investment will accelerate the expansion of the company’s battery-swapping infrastructure and support the deployment of its mass-market electric motorcycles in both existing and new markets. By the end of 2025, Spiro expects to surpass 100,000 vehicles deployed, solidifying its position as Africa’s leading player in two-wheel electric mobility and positioning it among global pioneers in scalable battery-swapping solutions.
Kaushik Burman, CEO of Spiro, said the investment reflects a turning point in how Africans view personal mobility. “There is a clear shift from traditional internal combustion engine motorcycles to our battery-swapping ecosystem,” he said. “For the first time, riders are choosing sustainable transport not out of obligation—but because it’s more efficient, cheaper to operate, and delivers higher profitability than gasoline-powered alternatives.”
He added, “This $100 million investment is a testament to our shared vision: building a pan-African network that provides reliable, sustainable energy and mobility solutions at scale.”
Founded in 2022, Spiro has rapidly built Africa’s largest and fastest-growing battery-swapping infrastructure, operating commercially in six countries—Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo—with pilot programs underway in Tanzania and Cameroon. Its model eliminates the need for long charging times by allowing riders to swap depleted batteries for fully charged ones in under a minute at decentralized stations, reducing downtime and increasing earning potential for commercial riders.
Professor Benedict Oramah, President of Afreximbank and Chairman of FEDA, emphasized the broader economic implications of the investment. “We are thrilled to partner with Spiro on this transformative initiative,” he said. “Our investment reflects Afreximbank’s commitment to fostering competitive, sustainable industries within Africa. Beyond clean transport, this project supports local manufacturing, strengthens regional integration, reduces reliance on imported second-hand vehicles, and creates skilled jobs across the value chain.”
The remaining $25 million in the round builds on over $180 million Spiro had previously raised from investors including Equitane and Société Générale—demonstrating sustained global investor confidence in the company’s scalable, impact-driven model.
Gagan Gupta, Founder of Spiro, welcomed FEDA as a strategic partner in advancing the company’s mission. “We’re reshaping not just mobility, but how energy is stored and distributed across Africa,” he said. “As we expand into new markets and integrate renewable energy into our power network, Spiro is unlocking massive growth opportunities while delivering tangible social and environmental benefits.”
Marlene Ngoyi, CEO of FEDA, praised Spiro’s rapid market adoption and operational execution. “The company’s success demonstrates the strength and scalability of its business model,” she said. “Spiro isn’t just building a platform—it’s creating a commercially viable, socially impactful ecosystem that meets the real needs of African consumers.”
With urban populations rising and traffic congestion worsening in African cities, demand for efficient, low-cost, and environmentally sound transport solutions continues to grow. Spiro’s integrated approach—combining affordable vehicles, smart battery networks, and digital fleet management—is proving instrumental in meeting that demand.
As Africa seeks to reduce carbon emissions, cut fuel import bills, and drive industrialization, the Spiro $100 million investment represents more than a corporate milestone—it is a catalyst for systemic change in how the continent moves, powers, and grows.
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