The investment comes as Spiro expands its battery-swapping network and electric motorcycle operations across the continent. The company aims to deploy more than 100,000 vehicles by the end of 2025, representing a fourfold increase from the previous year.
Spiro operates Africa's largest battery-swapping infrastructure, with more than 60,000 electric motorcycles, over 1,200 swapping stations, and more than 26 million battery swaps recorded. Its operations currently span six countries, including Rwanda, Uganda, Kenya, Nigeria, Benin, and Togo, with pilot programs in Tanzania and Cameroon.
Prior to this round, Spiro had raised over $180 million from investors, including Equitane and Société Générale.
Kaushik Burman, CEO of Spiro, said the company is responding to growing demand for affordable, sustainable transport.
'Africa is at an inflection point in personal mobility. Riders are rapidly shifting from internal combustion motorcycles to Spiro's more affordable and accessible battery-swapping ecosystem and motorcycles. For the first time, riders are embracing sustainable transportation because it performs better, costs less to operate, and offers greater profitability than traditional gas-powered vehicles,' the CEO stated.
'This landmark $100 million investment underscores our shared vision to build a pan-African battery-swapping infrastructure that empowers riders with reliable, sustainable energy and mobility across the continent."
Professor Benedict Oramah, President of Afreximbank, highlighted the investment's broader economic impact, noting that it supports local manufacturing, strengthens regional trade, and creates employment opportunities, while reducing reliance on imported vehicles.
Gagan Gupta, Founder of Spiro, added that FEDA's backing will accelerate the company's growth in energy distribution and mobility solutions, while Marlene Ngoyi, CEO of FEDA, said the investment reflects the strong demand for sustainable mobility solutions across Africa.
Founded in 2022, Spiro's vision is to build a pan-African mobility ecosystem integrating battery swapping and affordable electric motorcycles. The company's operations have already enabled over 800 million kilometers of low-carbon travel, replacing fossil fuel-based transport with cleaner alternatives.
Wycliffe Nyamasege
