Spiro Secures Ksh 2.3 Billion to Expand Electric Motorbike Fleet Across Africa

Electric mobility company Spiro has secured an additional Ksh2.3 billion financing commitment from the Africa Go Green Fund (AGG) to support the expansion of its electric motorcycle operations in Africa.

The additional financing doubles AGG’s total commitment to Spiro to $36 million, approximately Ksh4.6 billion.

According to a statement dated September 21, the funding will support the continued deployment of Spiro’s electric motorcycles and the expansion of its battery-swapping infrastructure, particularly in Uganda and Rwanda.

“Africa Go Green Fund (“AGG”), a climate-focused debt fund managed by Cygnum Capital, has increased its financing commitment to Spiro by $18 million, doubling AGG’s total commitment to the African electric mobility company to $36 million,” read part of the statement.

Africa Go Green Fund Doubles Financing

The latest financing builds on a debt facility closed in December 2025, under which AGG committed $18 million while Nithio provided $7 million.

AGG, a climate-focused debt fund managed by Cygnum Capital, also acted as the investment structuring lead for the original transaction.

The fund said the additional financing reflects its continued support for Spiro’s expansion in the electric mobility sector.

Also Read: SPIRO Unveils First Sustainability Report, Targets Net-Zero Emissions by 2040

Africa Go Green Fund said its decision to increase its investment was based on the progress Spiro has made since the initial financing.

Laurène Aigrain, Managing Director of Africa Go Green Fund, said the additional investment would support Spiro’s expansion in Uganda and Rwanda while advancing electric mobility in the region.

Spiro founder Gagan Gupta said the increased commitment demonstrated continued investor confidence in the company’s electric mobility model and its expansion across African markets.

“This additional financing will enable us to accelerate execution in two important East African markets. In Uganda and Rwanda, we will deploy more electric motorcycles, expand our battery-swapping infrastructure and strengthen the network that supports our riders every day. Our priority is clear: to build network density, improve accessibility and make the switch to electric mobility increasingly practical and compelling for riders,” said Gagan Gupta, Founder of Spiro

Spiro Expands Electric Motorcycle Network

As of September 2026, Spiro has deployed more than 135,000 electric motorcycles across Africa and completed more than 50 million battery swaps across its seven active markets.

Also Read: Spiro Appoints Anant Badjatya as Group CEO to Drive Pan-African Expansion

The company said the latest financing will help it deploy additional electric motorcycles while expanding the battery-swapping network in Uganda and Rwanda.

Battery-swapping infrastructure allows riders to replace depleted batteries with charged ones, reducing the time required to recharge electric motorcycles.

In addition, Spiro expanded its battery-swapping infrastructure in Kenya and Rwanda through the launch of mega battery-swap stations.

The company said the stations are designed to make access to charged batteries more seamless, reliable and convenient for riders.

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Anant Badjatya, former CEO of Indofast Energy, has been appointed Group CEO of Spiro to drive its Pan-African electric mobility expansion following a $215M funding round. PHOTO/ Spiro