Spiro Raises $50 Million as Demand for Its Battery Swapping Infrastructure and Electric Vehicles Surges Across Africa

Spiro, Africa’s electric mobility leader and battery swapping pioneer, today announced the raising of $50 million in debt funding from Afreximbank and two new investors Nithio and Africa Go Green Fund managed by Cygnum Capital.

The new funding follows Spiro’s landmark $100 million investment in October 2025, which became Africa’s largest-ever electric mobility investment.

The new capital will support the continued expansion of Spiro’s industry-leading battery swapping network across existing and new markets, while further advancing the company’s proprietary technology platform, including automated battery swaps, fast charging, and renewable energy integration.

“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,” said Kaushik Burman, CEO of Spiro. “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.”

“Spiro’s growth exemplifies the power of Made-in-Africa, for-Africa solutions,” said Gagan Gupta, Founder of Spiro. “By combining local insights with global best practices, we are creating a resilient, green energy ecosystem that supports economic development and climate goals. 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 Spiro has established a solid platform generating meaningful impact across several African markets, and that the fund is pleased to support its next phase of growth as it expands vital clean mobility infrastructure. She added that the transaction demonstrates the fund’s commitment to investing in commercially strong businesses that blend innovation with measurable environmental and social impact.

“Spiro is one of the largest and fastest-growing players in the pan-African e-mobility market,” said Raghav Sachdeva, CIO of Nithio. “They have demonstrated that electric mobility can scale rapidly while delivering real economic value to riders and meaningful emissions reductions. We are proud to support Spiro’s continued growth and see e-mobility as a critical pillar of Africa’s clean energy transition.”

Spiro is operational in six countries—Kenya, Uganda, Rwanda, Nigeria, Benin and Togo— with pilots underway in Cameroon and Tanzania. To date, Spiro has deployed more than 80,000 electric bikes, circulated over 300,000 batteries, completed more than 30 million battery swaps, established over 2,500 swap stations, and enabled more than one billion CO₂ free kilometres travelled.

The company remains committed to advancing the UN Sustainable Development Goals related to clean energy, sustainable cities, and climate action. “Driving Africa’s transition to electric mobility is central to how we view sustainable economic development across the continent,” said Oluranti Doherty, MD, Export Development at Afreximbank.

“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.”

Through its expanding regional production network and operational assembling facilities in Uganda, Kenya, Nigeria and Rwanda, Spiro is committed to delivering electric vehicles made in Africa by Africans for Africa and the world.

Currently, Spiro Rwanda is one of the official sponsors of the 2026 Tour du Rwanda, which will feature its fourth stage this Wednesday (Karongi–Rubavu). It is committed to continue engaging fans and communities on the benefits of electric mobility and promote awareness of clean transportation solutions.