Spiro is set to significantly expand its battery-swapping and charging infrastructure across Africa after securing USD 50 million in new debt financing, capital that will primarily go toward scaling its network of swap stations and strengthening its energy backbone in both existing and new markets.
The funding was provided by the African Export-Import Bank (Afreximbank), alongside climate-focused investors Nithio and the Africa Go Green Fund, managed by Cygnum Capital. The transaction follows Spiro’s USD 100 million raise in October 2025, which the company described as a landmark round for Africa’s electric mobility sector.
At the core of the new financing is infrastructure: Spiro plans to deploy additional battery swap stations, densify its existing urban networks, and expand into new cities where demand for electric two-wheelers is rising. The company is also investing in automated battery swap technology, faster charging systems, and the integration of renewable energy sources to reduce operating costs and improve grid resilience.
Battery swapping has emerged as a practical solution in African markets where grid reliability and charging access remain inconsistent. Instead of waiting hours to recharge, riders exchange depleted batteries for fully charged units in minutes. This model allows fleet operators and independent riders to maximize daily mileage while lowering fuel and maintenance expenses.
Spiro currently operates in six countries (Kenya, Uganda, Rwanda, Nigeria, Benin and Togo) with pilot projects underway in Cameroon and Tanzania. Across these markets, the company has deployed more than 80,000 electric bikes and established over 2,500 swap stations. It reports completing more than 30 million battery swaps and facilitating over one billion carbon-free kilometres travelled.
Company executives say the infrastructure push is designed to match accelerating adoption of electric motorcycles, particularly in urban transport and last-mile delivery segments. As cities tighten emissions standards and fuel prices remain volatile, demand for reliable battery access points has become central to scaling electric mobility.
Investors backing the round highlighted both commercial and environmental considerations. Laurène Aigrain, Managing Director of Africa Go Green Fund, said the investment supports the expansion of clean mobility infrastructure with measurable impact. Raghav Sachdeva, Chief Investment Officer at Nithio, noted that electric mobility businesses capable of scaling infrastructure alongside vehicle deployment are better positioned to achieve sustained growth.
For Afreximbank, the financing aligns with its strategy to support green industrialization and intra-African trade. Oluranti Doherty, Managing Director for Export Development at the bank, said backing companies building sustainable transport infrastructure contributes to a broader green value chain across the continent.
Spiro, led by CEO Kaushik Burman and founded by Gagan Gupta, positions itself as a battery-swapping pioneer in Africa’s fast-growing electric mobility sector. The company maintains that expanding its energy network, rather than simply adding more vehicles, is critical to unlocking mass adoption.
With the additional USD 50 million, Spiro is expected to accelerate station rollouts, strengthen its battery circulation capacity, and build out renewable-powered charging hubs. As competition in Africa’s e-mobility space intensifies, the scale and reliability of charging infrastructure may prove decisive in determining which operators lead the continent’s transition to electric transport.
