Afreximbank Supports Spiro’s Expansion of Electric Mobility Infrastructure Across Africa

Spiro, Africa’s leading electric two-wheel mobility company, has secured a record breaking $100 million investment to accelerate its mission of transforming urban transportation across the continent. According to a statement from the company on Tuesday, the funding round the largest ever in Africa’s electric motorcycle sector includes a $75 million commitment from The Fund for Export Development in Africa (FEDA), the development impact investment arm of the African Export Import Bank (Afreximbank).

The investment marks a major boost for Africa’s clean energy transition and urban mobility reform, positioning Spiro to scale its battery-swapping infrastructure and make sustainable transportation more affordable and accessible for millions.

“Africa is at an inflection point in personal mobility,” said Spiro’s Chief Executive Officer, Kaushik Burman. “Riders are shifting from combustion engines to our battery swapping ecosystem because sustainable transport now performs better, costs less, and offers higher profitability than traditional fuel motorcycles. This investment reinforces our shared vision to build a pan African network that empowers riders with reliable and renewable mobility.”

The fresh capital will enable Spiro to expand across existing and new markets, enhance its technology platform, and deploy over 100,000 electric motorcycles by the end of 2025, solidifying its leadership as one of the world’s top battery swapping service providers.

Afreximbank President and Chairman of FEDA, Prof. Benedict Oramah, hailed the partnership as a strategic step toward Africa’s industrialisation and sustainability goals.

“Our collaboration with Spiro represents a transformative push for Africa’s mobility sector. By stimulating local vehicle manufacturing, creating jobs, and strengthening intra African trade, we’re not only accelerating sustainability but also deepening regional economic integration,” Oramah said.

Founded in 2022, Spiro champions a “Made in Africa, by Africans, for Africa and the world” philosophy. The company currently operates in Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo, with pilot programmes in Tanzania and Cameroon.

Prior to this investment, Spiro had already raised more than $180 million from investors, including Equitane and Societe General a testament to confidence in its scalable and profitable business model.

Spiro Founder, Gagan Gupta, described the partnership with FEDA as a milestone for Africa’s energy and mobility transformation. “This partnership accelerates our mission to revolutionise transportation, energy storage, and distribution across the continent. As we integrate renewable energy into our network, we’re unlocking new opportunities for clean growth and energy access,” Gupta said.

FEDA CEO, Marlene Ngoyi, praised Spiro’s innovation and rapid growth, calling it a benchmark for sustainable and inclusive mobility in Africa. With over 60,000 electric motorcycles, 1,200 battery swapping stations, and 26 million swaps completed, Spiro has already enabled more than 800 million kilometres of low-carbon travel demonstrating how innovation and sustainability can power Africa’s economic and environmental future.