Spiro, an electric mobility operator in Africa, has secured $50 million in debt financing to expand its electric vehicle (EV) battery-swapping network. The funding round was led by a consortium including the African Export-Import Bank (Afreximbank), U.S.-based climate fintech platform Nithio, and the Africa Go Green Fund, signaling growing institutional investment in the continent’s clean transport sector.
The company announced it secured the US$50 million facility to scale its operations across existing and new African markets. According to Spiro’s chief executive, Kaushik Burman, the capital injection supports the company’s long-term goals. This new funding reinforces our vision of building a robust, scalable energy network tailored for Africa
, Burman stated. The financing will be directed towards extending Spiro’s network of battery-swapping stations and advancing its underlying technology.
This funding announcement is part of a larger trend of increasing investment in African e-mobility. It follows a recent US$5 million equity commitment to Arc Ride from the International Finance Corp. (IFC) and a US$1 million funding round for Ugandan e-bike startup Gogo Electric. Since its founding in 2022, Spiro has raised over US$230 million. The company reports significant operational scale, including:
- More than 80,000 electric motorcycles deployed
- Over 300,000 batteries in circulation
- More than 30 million battery swaps completed
- Over 2,500 swap stations established
- More than 1 billion kilometers logged by riders
Investors cited both environmental goals and economic opportunity as key drivers for the financing. Raghav Sachdeva, chief investment officer at Nithio, described e-mobility as a critical pillar of Africa’s clean energy transition.
Similarly, Oluranti Doherty of Afreximbank framed the investment as central to the bank’s mission, stating, Driving Africa’s transition to electric mobility is central to how we view sustainable economic development across the continent.
The move is seen as backing a commercially viable business that delivers measurable environmental and social benefits.
Spiro plans to use the capital to deploy energy infrastructure across its markets, which include Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo. The company will also focus on technological advancements such as automated battery swaps, fast charging, and integration with renewable energy sources. Spiro founder Gagan Gupta confirmed the funds would be used to deploy energy infrastructure that will contribute meaningfully to a greener future in Africa.
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