- (Business in Cameroon) – Spiro secured $100 million (CFA56.6 billion), the largest-ever investment in Africa’s two-wheeler electric mobility sector.
- The African Export-Import Bank’s investment arm, FEDA, contributed $75 million to finance expansion into Cameroon and Tanzania.
- The company plans to deploy over 100,000 electric motorcycles and expand its battery-swapping network by end-2025.
Indian electric motorcycle manufacturer Spiro has raised $100 million (about CFA56.6 billion) to accelerate its expansion across Africa, marking a record investment in the continent’s electric two-wheeler industry.
The company announced that $75 million of the total funding came from the Fund for Export Development in Africa (FEDA), the impact investment arm of the African Export-Import Bank (Afreximbank). The capital injection will enable Spiro to scale operations in its existing markets—Benin, Togo, Nigeria, Rwanda, Uganda, and Kenya—and finance new market entries in Cameroon and Tanzania, where pilot projects are already under evaluation.
“This financing will strengthen Spiro’s battery-swapping infrastructure in both existing and new markets while consolidating our technology platform,” the company’s management said in a statement.
Spiro plans to deploy more than 100,000 electric motorcycles by the end of 2025 and expand its continent-wide battery-swapping network, already the largest in Africa. The company aims to cement its position as the leading provider of clean mobility solutions and one of the world’s top battery-swapping operators.
Founded in 2022, Spiro’s mission is to replace traditional fuel-powered motorcycles with electric models featuring interchangeable batteries, offering a cleaner, more cost-effective mode of transport adapted to Africa’s urban environments.
“Our rapid expansion reflects the growing demand among Africans for sustainable transport solutions,” said Gagan Gupta, Spiro’s founder. He added that the company’s strategy focuses on creating an ecosystem for affordable and efficient clean mobility across the continent.
Marlène Ngoyi, FEDA’s Chief Executive Officer, praised the deal as a milestone for Africa’s green transition. “Spiro’s success demonstrates the strength of its business model and its significant social impact,” she said.
This article was initially published in French by Amina Malloum
Adapted in English by Ange Jason Quenum
