Africa’s electric mobility leader and battery swapping pioneer, Spiro has 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.
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“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.”
Gagan Gupta, the Founder of Spiro said the company’s growth exemplifies the power of made-in-Africa, for-Africa solutions.
“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 built a strong platform that is delivering tangible impact across multiple African markets; we are pleased to support the next phase of its growth as it scales critical clean mobility infrastructure.”
“This transaction reflects our commitment to backing commercially robust businesses that combine innovation with measurable environmental and social impact.”
Raghav Sachdeva, the Chief Investment Officer for Nithio hailed Spiro as one of the largest and fastest-growing players in the pan-African e-mobility market.
“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.”
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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.”