Spiro, an electric motorcycle and battery swapping platform has today raised $50 million in debt funding to support its battery swapping network across existing and new markets.
The firm will also use the funds to further advance it’s tech platform to bolster its automated battery swaps, fast charging, and renewable energy integration.
The debt financing was led by Afreximbank with participation of two new investors Nithio and Africa Go Green Fund managed by Cygnum Capital. The new funding follows Spiro’s landmark $100 million investment in October 2025, which became Africa’s largest-ever electric mobility investment and $7 million senior debt from Nithio in February.
According to Kaushik Burman, CEO of Spiro, “With strong financial backing and cutting-edge technology, Spiro is leading Africa’s transition to sustainable mobility. This new funding reinforces our vision of building a robust, scalable energy network tailored for Africa by Africans.”
By combining local insights with global best practices, Spiro is creating a resilient, green energy ecosystem that supports economic development and climate goals. The funding empowers the firm to bring affordable clean energy and mobility to millions of Africans while deploying an industry leading energy infrastructure that will contribute meaningfully to a greener future in Africa.”
Spiro is operational in six countries—Kenya, Uganda, Rwanda, Nigeria, Benin and Togo— with pilots underway in Cameroon and Tanzania. To date, Spiro has deployed more than 80,000 electric bikes, circulated over 300,000 batteries, completed more than 30 million battery swaps, established over 2,500 swap stations, and enabled more than one billion CO₂free kilometres travelled.
“Spiro has built a strong platform that is delivering tangible impact across multiple African markets; we are pleased to support the next phase of its growth as it scales critical clean mobility infrastructure,’’ said Laurène Aigrain, Managing Director of Africa Go Green Fund. “This transaction reflects our commitment to backing commercially robust businesses that combine innovation with measurable environmental and social impact.”
The company remains committed to advancing the UN Sustainable Development Goals related to clean energy, sustainable cities, and climate action.
Raghav Sachdeva, CIO of Nithio added that Spiro has “demonstrated that electric mobility can scale rapidly while delivering real economic value to riders and meaningful emissions reductions.”
“Driving Africa’s transition to electric mobility is central to how we view sustainable economic development across the continent,” said Oluranti Doherty, MD, Export Development at Afreximbank. “By supporting Spiro, Afreximbank is committed to financing the future of sustainable African trade; we are promoting a green industrial value chain that keeps innovation at the forefront of a just energy transition.”
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