E-mobility firm raises Sh12.8b in Africa's largest-ever investment

Spiro will use the funding to expand its battery-swapping infrastructure across existing and new markets while further strengthening its technology platform. [File, Standard] E-mobility firm Spiro has announced $100 million(Sh12.8 billion) investment round, the largest investment in African two-wheel electric mobility ever. This includes $75 million(Sh9.6 billion from The Fund for Export Development in Africa (FEDA), the development impact investment arm of African Export-Import Bank (Afreximbank). The investment, it said, emphasises Spiro's mission to provide affordable and accessible mobility to the masses while transforming Africa's clean energy and urban transport sectors. "Africa is at an inflexion point in personal mobility. Riders are rapidly shifting from internal combustion motorcycles to Spiro's more affordable and accessible battery-swapping ecosystem and motorcycles," said Spiro CEO Kaushik Burman. For the first time, riders are embracing sustainable transportation because it performs better, costs less to operate, and offers greater profitability than traditional gas-powered vehicles "This $100 million investment underscores our shared vision to build a pan-African battery-swapping infrastructure that empowers riders with reliable, sustainable energy and mobility across the continent." Spiro will use the funding to expand its industry-leading battery-swapping infrastructure across existing and new markets while further strengthening its technology platform. It expects to surpass 100,000 deployed vehicles by the end of 2025, reinforcing its leadership in Africa and positioning the company among the world's foremost battery-swapping providers. "We are delighted to partner with Spiro on this transformative initiative. Our investment reflects Afreximbank's strong commitment to building a competitive and sustainable mobility sector in Africa," said Prof Benedict Oramah, president of Afreximbank and chairman of the boards of directors of Afreximbank and FEDA. "Together, we are laying the groundwork for a new era of intra-African trade and industrialisation by stimulating local vehicle manufacturing, strengthening regional integration, and enhancing trade flows. At the same time, we are focused on creating skilled employment opportunities and reducing the continent's reliance on imported second-hand vehicles." Founded in 2022, Spiro has a vision to transform Africa's transportation sector by building a mobility ecosystem that integrates advanced battery swapping and mass market accessible motorcycles. Spiro is committed to creating solutions that are made in Africa, by Africans for Africa and the world. Today, Spiro operates Africa's fastest growing and largest battery swapping infrastructure operating commercially in six African countries that include Kenya, Uganda, Rwanda, Nigeria, Benin and Togo. The company recently launched pilot programs in Tanzania and Cameroon. Before this latest round, Spiro had secured more than $180 million (Sh23 billion) from Equitane and Societe Generale, reinforcing investor confidence in the company's long-term growth strategy. "We are proud to welcome FEDA as a strategic investor as we accelerate the growth of Spiro's mission to transform mobility, energy storage, and distribution across Africa," said Gagan Gupta, Founder of Spiro. "Spiro's rapid expansion into new markets reflects the continent's strong appetite for clean, affordable, and efficient transportation. As we expand our battery swapping infrastructure and integrate renewable energy sources into our energy mix, we are positioned to unlock substantial upside in Spiro's energy distribution."

E-mobility firm raises Sh12.8b in Africa's largest-ever investment

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