• The $100 million investment round, led by The Fund for Export Development in Africa
(FEDA), recognizes Spiro’s leadership position in Africa’s mobility industry and
highlights Spiro’s advanced two-wheel battery swapping infrastructure.
• Spiro expects to surpass 100,000 deployed vehicles for 2025 – a 400% year-over-year
jump.
- • The $100 million investment round, led by The Fund for Export Development in Africa (FEDA), recognizes Spiro’s leadership position...
- • Spiro expects to surpass 100,000 deployed vehicles for 2025 – a 400% year-over-year jump.
- Spiro will use the funding to expand its industry-leading battery-swapping infrastructure across existing and new markets while further strengthening its...
- “We are proud to welcome FEDA as a strategic investor as we accelerate the growth of Spiro’s mission to transform...
Keep reading for the full breakdown on Afreximbank funding — everything you need to know is covered below.
Spiro, the African leader in two-wheel transportation and battery swapping, today announced a landmark $100 million investment round, the largest investment in African two-wheel electric mobility ever. This includes $75 million from The Fund for Export Development in Africa (FEDA), the development impact investment arm of African Export-Import Bank (Afreximbank). The investment emphasizes Spiro’s mission to provide affordable and accessible mobility to the masses while transforming Africa’s clean energy and urban transport sectors.
“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,” said Kaushik Burman, CEO of Spiro. “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.
Spiro will use the funding to expand its industry-leading battery-swapping infrastructure across existing and new markets while further strengthening its technology platform. Spiro expects to surpass 100,000 deployed vehicles by the end of 2025, reinforcing its leadership in Africa and positioning the company among the world’s foremost battery-swapping providers.
“We are delighted to partner with Spiro on this transformative initiative. Our investment reflects Afreximbank’s strong commitment to building a competitive and sustainable mobility sector in Africa,” said Professor Benedict Oramah, president of Afreximbank, and chairman of the boards of directors of Afreximbank and FEDA. “Together, we are laying the groundwork for a new era of intra-African trade and industrialization by stimulating local vehicle manufacturing, strengthening regional integration, and enhancing trade flows. At the same time, we are focused on creating skilled employment opportunities and reducing the continent’s reliance on imported second-hand vehicles.”
Founded in 2022, Spiro has a vision to transform Africa’s transportation sector by building a mobility ecosystem that integrates advanced battery swapping and mass market accessible motorcycles. Spiro is committed to creating solutions that are made in Africa, by Africans for Africa & the world. Today, Spiro operates Africa’s fastest growing and largest battery swapping infrastructure operating commercially in six African countries that include Kenya, Uganda, Rwanda, Nigeria, Benin and Togo. The company recently launched pilot programs in Tanzania and Cameroon.
Before this latest round, Spiro had secured more than $180 million from Equitane and Société Générale, reinforcing investor confidence in the company’s long-term growth strategy.
“We are proud to welcome FEDA as a strategic investor as we accelerate the growth of Spiro’s mission to transform mobility, energy storage, and distribution across Africa,” said Gagan Gupta, Founder of Spiro. “Spiro’s rapid expansion into new markets reflects the continent’s strong appetite for clean, affordable, and efficient transportation. As we expand our battery swapping infrastructure and integrate renewable energy sources into our energy mix, we are positioned to unlock substantial upside in Spiro’s energy distribution.”
“Spiro’s success to date is a clear demonstration of the strength and scalability of its business model,” said Marlene Ngoyi, CEO of FEDA. “The company’s rapid growth and strong market adoption underscore the significant demand for affordable, sustainable mobility solutions across Africa. With its integrated approach, Spiro has built a platform that is both commercially viable and socially impactful.”
About Spiro
Spiro is Africa’s largest electric mobility company, operating the continent’s most extensive and fastest growing network of battery-swapping for electric two-wheel vehicles. With more than 60,000 electric motorcycles, over 1200 battery swapping stations and more than 26 million battery swaps to date, Spiro has achieved over 800 million kms of low-carbon emissions travel, transforming mobility and economies through substituting expensive imported fossil fuel based transportation with affordable, accessible and sustainble solutions. Through its expanding regional production network and operational assembling facilities in Uganda, Kenya, Nigeria and Rwanda, Spiro is committed to delivering electric vehicles made in Africa by Africans for Africa & the world. For more information, visit https://www.spironet.com.
About FEDA:
The Fund for Export Development in Africa (“FEDA”) is the impact investment subsidiary of Afreximbank (www.afreximbank.com), set up to provide equity, quasi-equity, and debt capital to finance the multi-billion-dollar funding gap (particularly in equity) needed to transform the Trade sector in Africa. FEDA pursues a multi-sector investment strategy along the intra-African trade, value-added export development, and manufacturing value chain which includes financial services, technology, consumer and retail goods, manufacturing, transport & logistics, agribusiness, as well as ancillary trade enabling infrastructure such as industrial parks. To date, FEDA has invested more than US$1.3 billion in companies and projects across its various fund initiatives, in sectors such as manufacturing, agro-processing, financial services, healthcare and pharmaceuticals, amongst others.
About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank’s total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”).
Media Contact:
Flora Limukii
Head of Communications
+254 758207494
Email: flora.limukii@spironet.com