Spiro Secures Additional $55M, Bringing Latest Round to $270M

Spiro, one of Africa’s largest electric motorcycle and battery-swapping companies, has secured an additional $55 million equity investment to drive its expansion.

Chinese early-stage investor NewTrails Capital was the main investor and now brings this total round to $270 million.

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

Spiro is Consolidating on This Round to Expand Capacity and Location

The investment follows Spiro’s disclosure three weeks ago of a record $215 million equity raise. That round ranks among the largest funding rounds announced in Africa’s electric mobility sector. With this latest commitment, Spiro’s cumulative disclosed capital totals approximately $557 million. 

The raise cements Spiro’s position among the continent’s most heavily funded electric mobility companies. The news also comes less than two weeks after Spiro appointed former Indofast Energy chief executive Anant Badjatya as group CEO. Badjatya previously oversaw a battery swapping network of more than 1,800 stations in India, one of the world’s most developed markets for the technology.

“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,” founder and chairman Gagan Gupta said in a statement on Monday.

The company will use the fresh capital to expand its battery swapping network, manufacturing operations, and energy infrastructure. The expansion targets African markets where Spiro already operates, including Kenya, Uganda, Rwanda, and Nigeria. This investment also positions Spiro closer to unicorn status, with a valuation nearing $1 billion.

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How The New Capital Will Be Deployed

The investment deepens Spiro’s ties to Chinese investors and suppliers. Spiro has previously sourced batteries from Chinese manufacturers. That includes an $11.6 million supply deal with CBAK Energy Technology. In October 2025, Spiro said 30% of the value of its motorcycles is now produced locally.

NewTrails Capital said it views Spiro as an “infrastructure-like business” and sees the company’s battery-swapping network as part of a broader energy transition across African markets.

“Spiro is still a young company, and everything today is only the beginning. We look forward to continuing to fulfill our role as a long-term investor, contributing our resources and experience, growing together with Spiro, and helping accelerate Africa’s new energy transition,” said Yufan Zhang, Founding Partner of NewTrails Capital. 

Gupta founded Spiro in 2022. The company says it has deployed more than 100,000 electric vehicles and built over 2,500 battery swapping stations across seven countries. Spiro has attracted backing from investors including Impact Fund Denmark, Equitane, FEDA, Nithio, Afreximbank, and the Africa Go Green Fund.

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Spiro is building its regional production and assembly footprint. The company is committed to building electric vehicles in Africa, by Africans, for Africa and the world.

Main Image: Founder of Spiro, Gagan Gupta, with a motorbike rider. Image Credit: Spiro