For investors tracking Africa’s clean tech curve, Spiro’s $100 million raise is a landmark moment.
Announced on October 21, 2025, and powered by a $75 million commitment from FEDA, the deal underscores growing confidence in the continent’s e-mobility infrastructure and the scalability of battery-swapping models tailored for Africa’s urban economies.
As Africa’s urban centres struggle with traffic congestion, air pollution, and soaring fuel costs, Spiro’s model offers a lifeline: affordable electric motorcycles paired with a seamless battery-swapping network.
Riders think Kenya’s boda bodas or Nigeria’s okadas can swap depleted batteries in under a minute at stations powered by renewables, slashing daily operating costs by up to $3 and enabling greener, more profitable rides.
With over 60,000 electric bikes already on the road and more than 26 million battery swaps completed, powering 800 million kilometres of low-carbon travel, Spiro is proving that scalable, homegrown solutions can electrify Africa’s mobility landscape.
Spiro electric motorcycle at a battery swapping station
The Power Behind the Pedal: Understanding Spiro’s Innovative Model
Founded in 2022 by Gagan Gupta under the Equitane Group, Spiro embodies a “Made in Africa, by Africans, for Africa and the world” ethos.
Headquartered in Dubai but deeply rooted in African operations, the company assembles its bikes and key components like traction motors, controllers, and batteries at four manufacturing facilities across Kenya, Nigeria, Rwanda, and Uganda.
Currently, local sourcing stands at 30%, with ambitious plans to hit 70% in two years, covering everything from plastics to helmets.
At its core, Spiro’s battery-swapping ecosystem addresses the continent’s unique challenges: unreliable power grids, long charging times, and high upfront costs for EVs.
Stations, often sited at gas stations, malls, or even religious centres, are fortified with renewables and energy storage to weather blackouts, a common obstacle in many African cities.
Riders pay a usage-based fee via a proprietary algorithm, making electric mobility as accessible as topping up fuel but 30% cheaper per kilometre and 40% less upfront than gas equivalents. It’s no wonder Spiro has captured over half of Kenya’s electric bike market.
This builds on prior momentum: Spiro has already secured more than $180 million in debt and equity from backers like Equitane and Société Générale, fuelling its leap from 8,000 bikes in 2023 to today’s fleet.
The latest round raises the company’s valuation to $350 million, demonstrating investor faith in its trajectory.
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Fuelling Expansion: A Pan-African Rollout
The $100 million will supercharge Spiro’s infrastructure, R&D, and manufacturing, targeting over 100,000 vehicles by the end of 2025, a massive 400% year-over-year surge.
Operations span six core markets: Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo, where more than 1,200 swapping stations fill with activity.
Fresh pilots in Tanzania and Cameroon will test the waters for further growth, creating a denser network across East and West Africa.
A rider swapping batteries at a Spiro station, enabling quick, zero-emission refuels.
A Turning Point for Africa’s Clean Energy Dreams
Why does this matter beyond Spiro’s balance sheet? Africa’s 25 million motorcycles consume imported fuel, contributing to 20-30% of urban emissions in some cities, while riders face volatile prices and maintenance challenges.
Spiro’s rise challenges this status quo, encouraging a virtuous cycle: lower costs empower drivers to save, invest, or even scale their fleets; local jobs multiply through manufacturing and station operations; and renewables integration strengthens grid resilience.
This funding arrives at a critical juncture. With global eyes on Africa’s energy transition amid COP commitments and falling solar costs, Spiro positions the continent as an EV innovation hub, rivalling Asia’s scale but tailored to local needs.
Competitors like Ampersand and BasiGo exist, but Spiro’s swapping dominance and Afreximbank backing give it a lead in intra-African cooperation.
By reducing reliance on second-hand imports and sparking trade in components, it aligns with Agenda 2063’s industrialisation goals.
In Burman’s words, “Electric mobility, especially through a battery-swapping model, fits this segment perfectly.
They can afford downtime and get to save some money that’s enough to buy another bike or start a small business over time.” It’s a narrative of empowerment, one swap at a time.
Spiro: Leading Africa’s Electric Mobility Revolution
Spiro Company is a fast-growing electric mobility firm transforming urban transport across Africa through innovative e-motorcycle solutions.
Operating actively in several countries, including Spiro Kenya and Spiro Nigeria, the company provides eco-friendly and cost-efficient transportation alternatives for riders and delivery businesses.
The Spiro electric motorcycle is designed for performance and sustainability, featuring a reliable Spiro motorcycle charger for fast battery swaps and charging convenience.
In Kenya, the Spiro motorcycle price in Kenya varies depending on the model and financing option, with options for used Spiro motorcycle price in Kenya also available for budget-conscious buyers.
Through flexible financing, riders can access affordable ownership via the Spiro motorcycle loan program, making clean mobility more accessible across Africa. With its mission to drive sustainability, Spiro continues to accelerate Africa’s transition to electric transportation.
Ronnie Paul is a seasoned writer and analyst with a prolific portfolio of over 1,000 published articles, specialising in fintech, cryptocurrency, and digital finance at Africa Digest News.
