Africa’s electric mobility leader and battery-swapping pioneer, Spiro, has secured $50 million in debt financing from Afreximbank, alongside new investors Nithio and Africa Go Green Fund, which is managed by Cygnum Capital.
The funding comes months after Spiro closed a landmark $100 million investment round in October 2025 — the largest electric mobility financing recorded on the continent to date. The latest capital injection is expected to accelerate the expansion of the company’s battery-swapping infrastructure across both existing and new African markets.
Spiro said the funds will also be deployed to strengthen its proprietary technology platform, including automated battery swapping systems, fast-charging capabilities and renewable energy integration.
Kaushik Burman, Chief Executive Officer of Spiro, said demand for the company’s clean mobility solutions continues to grow across Africa.
“Demand for Spiro’s innovative, industry-leading battery swapping infrastructure continues to grow and is reshaping mobility in Africa by providing reliable, clean transportation options across the continent,” he said. “With strong financial backing and cutting-edge technology, Spiro is leading Africa’s transition to sustainable mobility. This new funding reinforces our vision of building a robust, scalable energy network tailored for Africa by Africans.”
Founder Gagan Gupta described the company’s trajectory as proof of the viability of locally driven innovation.
“By combining local insights with global best practices, we are creating a resilient, green energy ecosystem that supports economic development and climate goals,” Gupta said. “This funding empowers us to bring affordable clean energy and mobility to millions of Africans while deploying an industry-leading energy infrastructure that will contribute meaningfully to a greener future in Africa.”
Laurène Aigrain, Managing Director of Africa Go Green Fund, said the investment aligns with the fund’s strategy of backing commercially viable climate-focused enterprises.
“Spiro has built a strong platform that is delivering tangible impact across multiple African markets; we are pleased to support the next phase of its growth as it scales critical clean mobility infrastructure,” she said. “This transaction reflects our commitment to backing commercially robust businesses that combine innovation with measurable environmental and social impact.”
Raghav Sachdeva, Chief Investment Officer at Nithio, described Spiro as one of the fastest-growing players in Africa’s e-mobility sector.
“They have demonstrated that electric mobility can scale rapidly while delivering real economic value to riders and meaningful emissions reductions,” he said. “We are proud to support Spiro’s continued growth and see e-mobility as a critical pillar of Africa’s clean energy transition.”
Spiro currently operates in Kenya, Uganda, Rwanda, Nigeria, Benin and Togo, with pilot programmes underway in Cameroon and Tanzania. The company reports that it has deployed more than 80,000 electric motorcycles, circulated over 300,000 batteries, completed more than 30 million battery swaps and established more than 2,500 swap stations. Collectively, these operations have enabled over one billion carbon dioxide-free kilometres travelled.
The company says it remains aligned with the United Nations Sustainable Development Goals on clean energy, sustainable cities and climate action.
Oluranti Doherty, Managing Director of Export Development at Afreximbank, said the lender views electric mobility as central to Africa’s sustainable economic future.
“By supporting Spiro, Afreximbank is committed to financing the future of sustainable African trade; we are promoting a green industrial value chain that keeps innovation at the forefront of a just energy transition,” she said.
