Spiro, the African electric motorcycle and clean energy infrastructure company, has secured a $55 million investment from NewTrails Capital, a China-focused growth-stage fund with operations in Shanghai, Shenzhen, and Nigeria. The latest commitment brings Spiro’s current funding round to $270 million.
The raise builds on a prior $215 million round announced recently, which marked one of the largest e-mobility financings in Africa at the time and positioned Spiro among the continent’s most heavily backed clean mobility platforms.
According to Gagan Gupta, Founder of Spiro and Chairman of Equitane, “Having deployed 100,000 electric vehicles and 2,500 smart-swap stations across seven active markets, Spiro has firmly moved past the proof-of-concept phase. Partnering with NewTrail Capital’s deeply experienced team marks a powerful new chapter for Spiro as we prepare for the next steps of our pan-African and international expansion.”
The company has also appointed Anant Badjatya as its new Group Chief Executive Officer as it enters its next phase of scale, focusing on manufacturing expansion, deeper localization of its supply chain, and accelerated rollout of its battery-swapping infrastructure across Africa.
The round includes continued backing from existing institutional investors such as FEDA, alongside participation from Impact Fund Denmark, Equitane, Nithio, and the Africa Go Green Fund.
Gupta added that the partnership with NewTrails Capital marks a new phase of expansion across Africa and international markets, particularly as Spiro deepens manufacturing and supply chain localization with Chinese partners.
“We believe Spiro is driving a profound “energy revolution” across mobility use cases in Africa,”Yufan Zhang, Founding Partner of NewTrails Capital. “This represents not only a vast and highly imaginative market opportunity, but also the potential to grow into an infrastructure-like business that creates meaningful commercial, social, and environmental value. In our view, Spiro’s core strengths lie in its deeply localized operating capabilities, vertically integrated supply chain, digitally enabled ecosystem, sound unit economics, and strong ability to scale rapidly.”
Spiro operates Africa’s largest electric mobility platform and the continent’s most extensive battery-swapping network for two-wheel vehicles. It reports more than 30 million battery swaps to date and continues to expand its regional assembly and production footprint under its “made in Africa, for Africa” strategy.
NewTrails Capital is a growth-stage investment fund focused on emerging markets across Africa, the Middle East, Southeast Asia, and Latin America, backing companies driving energy transition and digital infrastructure across high-growth corridors.