Africa-Press – Ghana. Spiro, the leading African company in two-wheel transportation and battery swapping, has announced a major milestone with the completion of a groundbreaking $100 million investment round. This marks the largest ever investment in African two-wheel electric mobility. A substantial portion of the investment, totaling $75 million, comes from The Fund for Export Development in Africa (FEDA), the development impact investment arm of the African Export-Import Bank (Afreximbank). This investment highlights Spiro’s mission to make mobility affordable and accessible for the masses, while also playing a pivotal role in transforming Africa’s clean energy and urban transport sectors.
“Africa stands at a crucial turning point in personal mobility,” remarked Kaushik Burman, CEO of Spiro. “There is a noticeable shift among riders from traditional internal combustion motorcycles to Spiro’s more affordable and accessible battery-swapping ecosystem and motorcycles. For the first time, users are embracing sustainable transportation solutions because they are not only more efficient but also more cost-effective to operate and deliver higher profitability compared to conventional gas-powered vehicles.”
Burman added, “This $100 million investment is a testament to our shared vision of establishing a pan-African battery-swapping infrastructure. We are determined to provide riders across the continent with reliable, sustainable energy and mobility solutions.”
The funds raised will be used to further expand Spiro’s already leading battery-swapping infrastructure in both existing and new markets, as well as to enhance the company’s technology platform. Spiro anticipates that by the end of 2025, it will have surpassed 100,000 deployed vehicles, solidifying its leadership role in Africa’s two-wheel electric mobility sector and positioning the company among the global leaders in battery-swapping solutions.
Professor Benedict Oramah, President of Afreximbank and Chairman of the Boards of Directors of Afreximbank and FEDA, expressed his enthusiasm about the partnership: “We are thrilled to collaborate with Spiro on this transformative initiative. Our investment is a reflection of Afreximbank’s deep commitment to fostering a competitive and sustainable mobility sector within Africa. Together, we are not only laying the foundation for a new era of intra-African trade and industrialization, but we are also driving local vehicle manufacturing, strengthening regional integration, and facilitating enhanced trade flows. Importantly, this investment will help generate skilled employment opportunities and reduce Africa’s dependence on imported second-hand vehicles.”
Founded in 2022, Spiro envisions transforming Africa’s transportation landscape by creating a holistic mobility ecosystem that integrates cutting-edge battery swapping technology with affordable, mass-market motorcycles. The company is committed to providing solutions that are created in Africa, by Africans, for Africa—and the world. Spiro operates Africa’s fastest-growing and largest battery-swapping infrastructure, which is currently functioning commercially in six African nations: Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo. Additionally, the company has launched pilot programs in Tanzania and Cameroon.
Before this round of investment, Spiro had already secured over $180 million from prominent investors such as Equitane and Société Générale, further underscoring the strong investor confidence in the company’s long-term growth strategy.
“We are excited to welcome FEDA as a key strategic investor as we accelerate Spiro’s mission to reshape mobility, energy storage, and distribution across Africa,” said Gagan Gupta, Founder of Spiro. “Our expansion into new markets reflects the strong demand across the continent for clean, affordable, and efficient transportation solutions. As we continue to grow our battery swapping infrastructure and integrate renewable energy sources into our energy distribution system, we are confident that Spiro is poised to unlock substantial growth opportunities.”
Marlene Ngoyi, CEO of FEDA, shared her perspective on Spiro’s future: “Spiro’s success to date clearly demonstrates the strength and scalability of its business model. The company’s rapid growth and the strong market adoption of its solutions highlight the substantial demand for affordable and sustainable mobility options throughout Africa. Through its integrated approach, Spiro has created a platform that is not only commercially viable but also socially impactful, making a significant difference across the continent.”
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