Spiro, the Nairobi-based electric vehicle startup, has raised $100 million in new funding to expand its battery-swapping network and accelerate its growth across Africa. The investment, led by Afreximbank’s Fund for Export Development in Africa (FEDA), marks the largest funding round ever in Africa’s two-wheel electric vehicle (EV) sector.
The round consists entirely of equity financing, with FEDA contributing $75 million, according to the company’s spokesperson. This brings Spiro’s total funding to $280 million, combining debt and equity investments since its inception. The company declined to reveal its latest valuation, stating only that it remains privately held.
A Turning Point for Africa’s EV Industry
Spiro’s latest raise signals a defining moment for Africa’s rapidly growing electric mobility industry, where motorcycles dominate urban transport and the need for clean, affordable alternatives continues to rise. The company’s focus on battery-swapping technology positions it as a market leader in creating scalable solutions for energy and transport efficiency.
Chief Executive Officer Kaushik Burman described the new funding as a boost to Spiro’s goal of deploying 100,000 electric motorcycles by the end of 2025, quadrupling last year’s figures. “This landmark $100 million investment underscores our shared vision to build a pan-African battery-swapping infrastructure that empowers riders with reliable, sustainable mobility,” he said.
Spiro’s Market Reach and Leadership
Spiro currently operates over 50,000 electric motorcycles and 1,000+ battery-swapping stations across six African countries — Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo. It holds an impressive 52% of Kenya’s electric motorbike market and accounts for over 90% of all electric vehicles in the country, including cars and bikes.
In Kenya alone, Spiro manages 8,000 active e-bikes and 200 swap stations, while Uganda follows with 12,000 bikes and 200 swap points. Rwanda leads with 14,000 bikes and 500 active stations, showing the company’s dominance in East Africa. Across all its operations, riders have completed 23 million battery swaps covering 800 million kilometres — a milestone that reflects both reliability and widespread adoption.
Assembly, Innovation, and Local Empowerment
Founded in 2022 by Gagan Gupta, Spiro combines locally assembled electric bikes with a subscription-based battery-swapping model. This system allows riders to exchange depleted batteries for fully charged ones within minutes, costing just KES 290 ($2.24) per swap in Kenya.
The company assembles motorcycles using completely knocked-down (CKD) kits in Kenya, Rwanda, and Uganda, helping develop local manufacturing capacity. In Kenya, the entire motor assembly line is operated by a team of 40 women, a first-of-its-kind initiative that highlights Spiro’s commitment to gender inclusion and skill development.
Spiro says it hopes to leverage supportive government policies and growing access to financing to stimulate local production and strengthen Africa’s EV supply chain.
Strategic Expansion and Competition
With this new funding, Spiro plans to expand into Tanzania and Cameroon, two high-potential markets for electric mobility. The company will also use the capital to enhance its technology platform, increase local assembly, and introduce new energy distribution solutions across its network.
Spiro’s growth comes as rivals like Roam and Ampersand race to scale similar battery-swapping models in East Africa. However, Spiro’s early lead — combining capital strength, local assembly, and an established swapping network — gives it a clear edge in defining the future of Africa’s electric motorcycle industry.
