Spiro Raises $215M to Expand Electric Vehicle Operations Across Africa

United Arab Emirates-based electric vehicle firm Spiro has raised $215 million in equity to expand its services across Africa.

Founded by Gagan Gupta in 2022, Spiro operates across Kenya, Uganda, Rwanda, Togo, Benin, Nigeria, and Cameroon, with more than 100,000 EVs on the road. With the latest investment, the company plans to expand its battery-swapping infrastructure and services into Ethiopia and the Democratic Republic of Congo.

Backed by Impact Fund Denmark, Equitane, and the Fund for Export Development in Africa (FEDA), Spiro has raised an estimated $502 million in total funding. The company has not disclosed its current valuation

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The Environmental Impact of EVs

Compared to conventional gasoline-powered motorcycles, Spiro’s electric bikes deliver a 72% reduction in climate impact. This is equivalent to approximately 19 tons of CO₂ emissions avoided over a vehicle’s lifespan. The study conducted in Kenya also revealed an 80% reduction in ozone depletion potential and a 20% reduction in particulate matter emissions. 

Those statistics are life-changing in dense urban areas across East and West Africa, where motorcycles are among the most common forms of daily transport. Poor air quality in cities like Lagos, Nairobi, and Kampala has long been linked to respiratory illness. Cleaner last-mile mobility is both an environmental and a public health issue.

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Localizing Production Within Africa 

Beyond hosting battery-swapping stations on the continent, Spiro also plans to localize its industrial footprint. “Building a durable sector requires more than importing finished vehicles,” said Gupta. 

Later this year, the company is kickstarting domestic battery assembly and partner-led cell manufacturing. By the first quarter of 2027, Spiro aims for 80% of its bike value-addition to be sourced locally. 

That target reflects a broader push across the African tech sector to move up the manufacturing value chain. Rather than serving as a consumer market for imported hardware, companies like Spiro are betting that local production reduces costs, creates jobs, and makes supply chains more resilient against global disruptions.

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Cutting Costs for Riders Across the Continent 

Gupta said riders spend up to 40% of their daily earnings on petrol. By switching to EVs, riders take home more money, maintain greater independence and reduce emissions in their communities.

Spiro’s battery-swap model is central to that value proposition. Instead of waiting hours to recharge, riders pull into a swap station and exchange a depleted battery for a fully charged one in minutes. The company charges riders per swap, removing the upfront cost of battery ownership, which is one of the biggest barriers to EV adoption in lower-income markets.

Building a Clean Energy Network

Spiro is leveraging a team of more than 150 engineers and a portfolio of 30 proprietary patents to develop a distributed clean-energy utility network across the continent.

The company plans to roll out solar-powered battery-swap stations. It is also exploring second-life applications for used batteries, repurposing them for stationary grid storage once they are no longer fit for vehicles. 

With rising fuel costs and import instability, companies like Spiro are positioning themselves as critical infrastructure for mobility and clean energy across Africa.