Spiro, a Dubai-based electric vehicle startup driving electric mobility in Africa, has successfully closed a $100 million new equity financing round, solidifying its position as a leading player in the continent's e-mobility sector. This investment, led by Afreximbank’s Fund for Export Development in Africa (FEDA), is the largest of its kind in Africa’s two-wheel EV sector and brings Spiro’s total debt and equity financing to $280 million. Following this latest funding, the company's valuation has reached $350 million, reflecting growing investor confidence in affordable and clean transport solutions across Africa.

The fresh capital infusion is strategically allocated to expand Spiro’s extensive battery-swapping network and to facilitate market entry into new countries, specifically Cameroon and Tanzania. This expansion is critical to Spiro's ambitious goal of deploying 100,000 electric vehicles across Africa by the end of 2025, which represents a fourfold increase from the previous year. According to Kaushik Burman, Spiro’s chief executive officer, this landmark investment is pivotal in building a pan-African battery-swapping infrastructure that empowers riders with reliable, sustainable energy and mobility.

Founded in 2022 by Gagan Gupta, Spiro has demonstrated remarkable growth. Since Kaushik Burman joined as CEO in 2023 from Gogoro, the company has scaled its operations from fewer than 8,000 electric bikes in Benin and Togo to over 60,000 electric motorcycles and more than 1,500 swap stations across six countries: Kenya, Nigeria, Rwanda, Uganda, Benin, and Togo. Its network has already facilitated over 27 million battery swaps, with riders collectively covering an impressive 800 million kilometers. Notably, Rwanda leads in fleet size with 14,000 bikes and 500 active stations, followed by Uganda with about 12,000 bikes and 200 stations, and Kenya with more than 8,000 bikes supported by 200 swap stations.

Spiro’s innovative business model revolves around providing affordable electric motorcycles paired with a subscription-based battery-swapping system. This system allows riders, particularly commercial operators like