Indian entrepreneur’s innovation powers Spiro’s ambitious African expansion following $215 Million raise

Spiro has announced a landmark $215 million investment round aimed at accelerating the deployment of its electric mobility and battery-swapping infrastructure across Africa. Building on the continued support of long-standing institutional partners such as FEDA, the latest equity raise has attracted global capital from both Europe and Africa, reflecting increasing international confidence in scalable, infrastructure-driven business models across emerging economies.

Having spent several years refining its product portfolio, technology platforms and integrated energy ecosystem, Spiro has now moved decisively beyond the proof-of-concept stage and is preparing for its next phase of pan-African growth. The newly secured capital will be deployed to expand the company’s battery-swapping network, strengthen its industrial and assembly capabilities, accelerate technology development and support entry into new high-growth African markets.

A significant part of this expansion will continue to be supported by the technological and engineering expertise emerging from Spiro’s Global Technology and Engineering Center in Pune, India.

Founded by visionary Indian entrepreneur Gagan Gupta under the Equitane Group, Spiro has rapidly established itself as the largest e-mobility player in Africa. Today, the company operates more than 100,000 electric motorcycles and manages an extensive network of 2,500 automated battery-swapping stations across seven major African markets, including Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon.

As Africa’s urban population continues to expand and transportation demand rises sharply, electric mobility and battery-swapping ecosystems are increasingly emerging as one of the continent’s most compelling infrastructure investment opportunities.

Across the region, reducing dependence on imported fuel, strengthening energy and industrial sovereignty, and modernising urban transportation systems have become strategic priorities. Against this backdrop, EV infrastructure is steadily assuming a critical role in enhancing economic resilience and supporting industrial development.

Rising fuel prices, growing demand for affordable transportation and stronger policy support for clean-energy solutions are further accelerating investor interest in scalable EV platforms capable of underpinning Africa’s next phase of urban and industrial growth.

For riders, the benefits are tangible. Operating a Spiro electric vehicle can reduce daily mobility costs by up to 40%, enabling savings of as much as $2 per day compared with conventional fossil-fuel-powered motorcycles.

Meanwhile, recently completed third-party verified lifecycle assessment results from Spiro’s operations in Kenya highlight the environmental potential of large-scale EV infrastructure deployment across African cities.

According to the assessment, Spiro’s electric motorcycles deliver a 72% reduction in climate impact compared with fossil-fuel motorcycles, translating to approximately 19 tonnes of CO₂ emissions avoided over a vehicle’s lifetime.

The study also identified an 80% reduction in ozone depletion potential alongside a 20% reduction in particulate matter emissions, underscoring the contribution electric mobility can make towards improving urban air quality and reducing public health risks in rapidly expanding metropolitan centres.

With an operational presence spanning Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon, and plans to further expand local production while entering new markets such as the Democratic Republic of Congo (DRC) and Ethiopia, Spiro continues to strengthen its position within Africa’s evolving mobility landscape.

The company’s industrial footprint includes flagship manufacturing facilities in Kenya, Rwanda and Uganda, complemented by a state-of-the-art battery recycling facility in Nigeria. Through a combination of locally adapted vehicle design, affordable battery-swapping infrastructure and integrated maintenance ecosystems, Spiro is steadily making electric mobility commercially viable at scale for African consumers.

At the heart of its technology ecosystem lies the company’s Global Technology and Innovation Center in Pune, India, supported by more than 150 engineers and a portfolio of over 30 proprietary patents.

Beyond urban mobility, Spiro is actively expanding into a distributed clean-energy utility network designed to support national renewable energy objectives while reducing reliance on imported fossil fuels. Among its innovations are IoT-enabled, solar-powered battery-swapping stations and secondary-life battery applications developed for stationary renewable energy storage.

“This past year marked a defining strategic milestone for Spiro. Across seven active markets, our deployment of 100,000 electric vehicles and 2,500 smart-swap stations has turned sustainable mobility into an affordable, everyday reality. Spiro has become a major driver of local industrialization, value creation and manufacturing across African markets with 6,000 sustainable direct and indirect jobs. Supported by our global pool of investors, we are entering our next growth chapter to deliver clean, cost-effective energy and transport alternatives to millions of riders across the continent”, stated Gagan Gupta, Founder of Spiro and Chairman of Equitane.

Investor confidence in the company’s long-term growth trajectory was further reinforced by Impact Fund Denmark.

“We are investing in Spiro and bringing Danish pension capital into one of Africa’s most promising growth markets because we see potential for significant commercial growth in Spiro and electric mobility across Africa, as well as measurable climate impact. That is exactly the type of investment we want to make,” says Lars Bo Bertram, CEO of Impact Fund Denmark.