African electric mobility company Spiro has secured a $7 million senior debt working capital facility from Nithio’s Facility for Adaptation, Inclusion and Resilience (FAIR), the companies said on Wednesday, marking Nithio’s first direct investment in the e-mobility sector.
The financing will support the expansion of Spiro’s electric motorcycle fleet and its battery-swapping network across existing and new markets, while strengthening working capital to meet rising demand for clean transport solutions.
Founded in 2022, Spiro operates in six African countries with more than 80,000 electric motorcycles on the road, over 2,500 battery-swap stations, and four assembly facilities. The company focuses on commercial motorcycle transport, replacing petrol-powered bikes with electric alternatives supported by a dense swap network designed to minimize downtime.
Electric two-wheelers are increasingly becoming cheaper to operate than internal combustion models in several African markets, driven by lower fuel and maintenance costs.
“By replacing petrol-powered motorcycles — one of the most widespread and polluting forms of transport in African cities — Spiro is accelerating the transition to clean mobility in a practical and affordable way,” said Spiro Chief Executive Kaushik Burman. He added that supportive regulation and investment are critical to scaling electric vehicle adoption across the continent.
Nithio Chief Executive Raghav Sachdeva said Spiro had demonstrated that electric mobility can scale rapidly while delivering economic value to riders and reducing emissions.
Nithio’s FAIR facility backs climate-focused businesses with strong unit economics and measurable development impact. The investment signals growing investor confidence in Africa’s electric two-wheeler market as infrastructure and financing models mature.