Spiro Attracts Historic Ksh.12.9 Billion Investment to Accelerate Africa’s Green Transport Drive

Africa’s journey towards sustainable transportation has gained major momentum after Pan-African electric mobility firm Spiro secured a record-breaking Ksh.12.9 billion ($100 million) investment –  the largest ever in Africa’s two-wheel e-mobility sector.

The landmark funding includes Ksh.9.68 billion ($75 million) from the Fund for Export Development in Africa (FEDA), the development-focused investment arm of the African Export-Import Bank (Afreximbank). The injection underscores growing investor confidence in the continent’s transition to clean, affordable and accessible transport solutions.

Spiro’s Chief Executive Officer, Kaushik Burman, hailed the deal as a turning point for Africa’s electric mobility landscape, saying the partnership aligns with the company’s goal of building a pan-African battery-swapping network. “Africa is entering a new era of personal transport. Riders are moving away from fuel motorcycles to our cost-effective and reliable electric alternatives. For many, this is the first time sustainable transport is also the more profitable choice,” he noted.

Founder Gagan Gupta described the partnership as a major leap toward realizing Spiro’s ambition of expanding renewable-powered battery-swapping infrastructure. He said the new funding will strengthen Spiro’s presence in key markets while improving its energy distribution systems and advancing technological innovation.

The capital will be used to scale up Spiro’s operations, technology, and infrastructure across the continent. By 2025, the company aims to surpass 100,000 deployed electric motorcycles, cementing its place as Africa’s e-mobility leader and a top global player in battery-swapping services.

Afreximbank President and FEDA Board Chair, Professor Benedict Oramah, said the collaboration represents a significant step toward industrial growth and economic integration in Africa. “Together, we are building a resilient and competitive mobility sector that promotes local manufacturing, regional trade and job creation while reducing Africa’s dependence on imported used vehicles,” he said.

Echoing the sentiment, FEDA CEO Marlene Ngoyi commended Spiro’s impressive growth, calling it proof of the continent’s appetite for affordable, clean transport alternatives.

Founded in 2022, Spiro now operates in Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo, with pilot projects in Tanzania and Cameroon. The company already manages over 60,000 electric motorcycles, 1,200 battery-swapping stations, and has completed more than 26 million swaps, marking a major milestone in Africa’s electric mobility revolution.