Spiro raises USD 215M to expand electric mobility and battery-swapping infrastructure across Africa

The details

• Spiro has raised USD 215 million in a new funding round to expand its electric mobility and battery-swapping infrastructure across Africa.
• Gagan Gupta, an Indian entrepreneur, founded Spiro and is also the Chairman of the Equitane Group.
• Impact Fund Denmark and Equitane are among the institutional investors backing this round.
• Spiro currently operates in seven African markets: Kenya, Rwanda, Uganda, Togo, Benin, Nigeria, and Cameroon.
• Spiro has deployed over 100,000 electric motorcycles and 2,500 battery-swapping stations across these markets.
• Spiro has completed over 30 million battery swaps to date, making it the continent’s largest battery-swapping network for electric two-wheelers.
• Spiro is expanding its industrial footprint with manufacturing plants in Kenya, Rwanda, and Uganda, and a battery recycling facility in Nigeria.
• Spiro is also developing a distributed clean-energy utility network to support national renewable energy goals and reduce dependence on imported fossil fuels.

The bigger picture

• Africa’s urban population and mobility needs are growing rapidly, creating a strong demand for scalable EV and battery-swapping infrastructure.
• Electric vehicles and battery-swapping ecosystems are emerging as key pillars of Africa’s economic resilience and industrial development.
• Investors are increasingly backing scalable EV platforms that can support Africa’s next phase of urban and industrial growth.
• Operating a Spiro electric vehicle can reduce daily mobility costs by up to 40%, generating savings of up to USD 2 per day compared to fossil-fuel motorcycles.
• Third-party verified lifecycle assessments show that Spiro’s electric bikes reduce climate impact by 72% compared to fossil-fuel motorcycles.

About the business

• Spiro is Africa’s largest electric mobility company, operating the continent’s most extensive battery-swapping network for electric two-wheel vehicles.
• The company has deployed over 100,000 electric motorcycles and 2,500 battery-swapping stations across seven African markets.
• Spiro has completed over 30 million battery swaps to date, making it the continent’s largest battery-swapping network for electric two-wheelers.
• The company is expanding its industrial footprint with manufacturing plants in Kenya, Rwanda, and Uganda, and a battery recycling facility in Nigeria.
• Spiro is also developing a distributed clean-energy utility network to support national renewable energy goals and reduce dependence on imported fossil fuels.

What happens next

• Spiro plans to expand its operations into new African markets such as the Democratic Republic of Congo (DRC) and Ethiopia.
• The company is also working on expanding its local production capabilities and strengthening its industrial and assembly footprint across Africa.

The deal

Type

funding

Investors

• Impact Fund Denmark (Investor) — A Danish pension fund investing in sustainable and scalable infrastructure projects.
• Equitane (Investor) — A global investment firm with a focus on emerging markets and clean technology.

Founders

• Gagan Gupta, Founder

Other articles talking about it

• indian-startup-times
• Indian Startup Times

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