Africa’s EV Pioneer Spiro Bags Ksh 6.45B to Accelerate Battery Swapping Network

Africa’s electric mobility leader and pioneer in battery swapping, Spiro, has announced fresh debt funding of Ksh 6.45 billion to speed up the expansion of battery swapping and electric vehicle operations in Africa.

This fresh injection of funds has been backed by Africa Export Import Bank (Afreximbank) and two new investors, Nithio and Africa Go Green Fund, managed by Cygnum Capital.

This announcement comes on the heels of Spiro’s historic investment of Ksh 12.9 billion in October 2025, termed Africa’s biggest ever electric mobility investment.

This announcement was made in Nairobi on February 24, 2026.

This new capital inflow will be used for the expansion of battery swapping services in existing and new geographies, as well as the development of in-house technologies related to automated battery swapping, fast charging, and solar integration.

Expanding Africa’s Clean Mobility Infrastructure

“Demand for Spiro’s innovative, industry-leading battery swapping infrastructure continues to grow and is reshaping mobility in Africa by providing reliable, clean transportation options across the continent,” said Kaushik Burman, CEO of Spiro.

“With strong financial backing and cutting-edge technology, Spiro is leading Africa’s transition to sustainable mobility. This new funding reinforces our vision of building a robust and scalable energy network tailored for Africa by Africans,” Burman said.

Spiro’s Founder, Gagan Gupta, emphasized the company’s African-rooted strategy, stating: “Spiro’s growth exemplifies the power of Made-in-Africa, for-Africa solutions.”

“By combining local insights with global best practices, we are creating a resilient, green energy ecosystem that supports economic development and climate goals. This funding empowers us to bring affordable clean energy and mobility to millions of Africans while deploying an industry-leading energy infrastructure that will contribute meaningfully to a greener future in Africa,” Gupta added.

Also Read: Faces Behind Spiro, the Company Taking Over Electric Motorbikes

Investors Back Rapid Growth and Climate Impact

Laurène Aigrain, Managing Director of Africa Go Green Fund, said the investment reflects confidence in Spiro’s scalable model.

“Spiro has built a strong platform that is delivering tangible impact across multiple African markets; we are pleased to support the next phase of its growth as it scales critical clean mobility infrastructure,” she said.

Raghav Sachdeva, Chief Investment Officer at Nithio, described Spiro as, “one of the largest and fastest-growing players in the pan-African e-mobility market.”

“They have demonstrated that electric mobility can scale rapidly while delivering real economic value to riders and meaningful emissions reductions. We are proud to support Spiro’s continued growth and see e-mobility as a critical pillar of Africa’s clean energy transition,” Sachdeva added.

Oluranti Doherty, Managing Director, Export Development at Afreximbank, framed the investment as part of a broader economic transformation strategy.

“Driving Africa’s transition to electric mobility is central to how we view sustainable economic development across the continent,” Doherty said.

“By supporting Spiro, Afreximbank is committed to financing the future of sustainable African trade; we are promoting a green industrial value chain that keeps innovation at the forefront of a just energy transition,” Doherty added.

Also Read: Spiro Kenya Clarifies Rider Concerns Over Battery Notices and Bike Collections

Pan-African Impact and Footprint

As of now, Spiro has launched operations across six countries, including Kenya, Uganda, Rwanda, Nigeria, the Republic of Benin and the Republic of Togo, with ongoing pilot projects deployed in Cameroon and Tanzania.

To date, the company has deployed more than 80,000 electric motorcycles, circulated over 300,000 batteries, and completed more than 30 million battery swaps.

It operates over 2,500 battery swapping stations and has enabled more than one billion CO₂-free kilometres travelled.

The company says its mission aligns with the United Nations Sustainable Development Goals, particularly those focused on clean energy, sustainable cities and climate action.

Through regional production and assembly facilities in Uganda, Kenya, Nigeria and Rwanda, Spiro continues to advance its commitment to delivering electric vehicles, “made in Africa by Africans for Africa and the world.”

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Spiro electric bike for illustration purposes. PHOTO/pixels