Karungi Doreen
Electric mobility firm Spiro has raised a $50 million debt facility to accelerate the expansion of its battery swapping infrastructure and electric mobility services across Africa.
The debt facility was raised from African Export Import Bank (Afreximbank), alongside new investors Nithio and Africa Go Green Fund, which is managed by Cygnum Capital.This is not the first time spiro is raising funds,as the firm raised $100 million in October 2025,which was the largest capital raise for an electric mobility firm in Africa.
Spiro’s services are already available in six countries namely. Kenya, Uganda, Rwanda, Nigeria, Benin and Togo.it is also testing its services in Cameroon and Tanzania. so far,spiro has deployed over 80,000 electric motorcycles and set up over 2,500 battery swapping stations.
It has also completed over 30 million battery swaps,which have enabled over one billion rides to be powered without fossil fuels. this has been achieve operating within Africa while The company says these efforts have significantly contributed to reducing carbon emissions and promoting clean energy adoption across the continent.
Spiro Chief Executive Officer, Kaushik Burman, said demand for the company’s services continues to grow steadily.
“Our battery swapping infrastructure is transforming mobility across Africa by providing reliable and clean transport solutions,” he says. “This new financing allows us to further expand a scalable energy network tailored to the continent’s needs.”
Founder Gagan Gupta said the company’s progress demonstrates that Africa driven solutions can deliver tangible impact.
“We are building a green energy ecosystem that supports economic growth while reducing carbon emissions,” he says. “This funding will help us deliver affordable and clean mobility solutions to millions of Africans.”
From the side of the investors, Oluranti Doherty, the Managing Director for Export Development at Afreximbank, noted that the investment was part of the strategic plan to enhance sustainable trade in Africa while developing green value chains in the region.
“We are proud to support Spiro in advancing the future of clean mobility and reinforcing Africa’s trade ecosystem built on environmentally sustainable energy solutions.”
Nithio, a climate centric fintech platform, and Africa Go Green Fund, an infrastructure fund focused on green investments, reiterated their commitment to green investments that are innovative while promoting sustainable development.
The services offered by Spiro will be utilized to expand the infrastructure base while increasing the battery swapping stations, enhancing the development of automated battery swapping technology, and increasing the usage of renewable energy sources in the region to enhance the development of the green energy economy in Africa
