Spiro, Africa’s largest electric mobility operator, said it has secured $50 million in debt financing to expand its battery-swapping network as investment in electric transport grows across the continent. The company said the funding came from Afreximbank, the U.S.-based climate fintech platform Nithio and the Africa Go Green Fund, with Spiro planning to use the capital to grow infrastructure and support related technology.
In a statement, Spiro said the funding will help extend its battery-swapping stations in existing and new markets. The company also said it plans to advance technology including automated battery swaps, fast charging and renewable energy integration.
Spiro said the network is operating across multiple countries, including Kenya, Uganda, Rwanda, Nigeria, Benin and Togo. It said it also has trials under way in Cameroon and Tanzania, as it seeks to expand the model to more riders and routes.
The company said it has scaled its operations over time, including deploying more than 80,000 electric motorcycles, circulating more than 300,000 batteries and completing 30 million battery swaps. Spiro also said riders have logged more than 1 billion carbon-free kilometers.
Kaushik Burman, Spiro’s chief executive, said the financing reinforces the company’s vision “of building a robust, scalable energy network tailored for Africa by Africans.” Spiro founder Gagan Gupta said the company will use the capital “to deploy energy infrastructure that will contribute meaningfully to a greener future in Africa.”
Investors and development financiers described e-mobility as both a climate solution and an industrialization opportunity. Nithio’s chief investment officer Raghav Sachdeva said Spiro is “one of the largest and fastest-growing players in the Pan-African e-mobility market” and said e-mobility is a “critical pillar of Africa’s clean energy transition.” Africa Go Green Fund managing director Laurène Aigrain said the transaction reflects the fund’s commitment to backing businesses that combine innovation with measurable environmental and social impact.
Afreximbank officials framed their support around sustainable industrialization. Oluranti Doherty, Afreximbank’s managing director for export development, said “Driving Africa’s transition to electric mobility is central to how we view sustainable economic development across the continent.”
The announcement came days after Arc Ride, another e-mobility firm, received a $5 million equity commitment from the International Finance Corp., signaling “growing institutional confidence” in Africa’s clean transport sector, according to the report. The same week, the Ugandan e-bike startup Gogo Electric raised $1 million from ElectriFi, an electrification financing program funded by the EDFI management firm.
Since 2022, Spiro said it has raised more than $230 million, financing production and assembly facilities across Nigeria, Kenya, Uganda and Rwanda, and describing the effort as part of a broader trend of climate-focused capital flowing into Africa’s e-mobility sector.