The investment comes as Spiro moves beyond the proof-of-concept stage and enters a new phase of rapid expansion across Africa. The company will use the fresh capital to strengthen its battery-swapping network, expand its industrial and assembly footprint, accelerate technology development, and enter new high-growth African markets.
A key pillar of this expansion will be Spiro’s Global Technology and Engineering Center in Pune, India, which will lead research and development, artificial intelligence-driven energy analytics, and software innovation supporting the company’s growing operations across the African continent.
Founded by Indian entrepreneur Gagan Gupta under the Equitane Group, Spiro has emerged as Africa’s largest electric mobility player. The company currently operates more than 100,000 electric motorcycles and a network of 2,500 automated battery-swapping stations across seven major African markets, including Kenya, Rwanda, Uganda, Togo, Benin, Nigeria, and Cameroon.
The latest investment round builds on support from long-standing institutional partners such as FEDA and has attracted global capital from Europe and Africa, reflecting growing international confidence in scalable, infrastructure-led business models across emerging economies.
As Africa experiences rapid urbanization and rising transportation demand, electric vehicles and battery-swapping ecosystems are increasingly being viewed as critical infrastructure investments. The sector is gaining momentum as governments and businesses seek to reduce dependence on imported fuel, strengthen energy security, modernize urban transportation systems, and support industrial development.
Rising fuel costs, increasing demand for affordable mobility, and growing policy support for clean energy solutions have further strengthened investor interest in electric vehicle platforms capable of supporting Africa’s next stage of economic growth.
For riders, the economic benefits are substantial. According to the company, operating a Spiro electric vehicle can reduce daily transportation expenses by up to 40 percent, generating savings of as much as USD 2 per day compared to conventional fossil-fuel-powered motorcycles.
Independent lifecycle assessment findings conducted on Spiro’s operations in Kenya have highlighted the environmental benefits of the company’s electric mobility ecosystem. The assessment found that Spiro’s electric motorcycles deliver a 72 percent reduction in climate impact compared to fossil-fuel motorcycles, preventing approximately 19 tonnes of carbon dioxide emissions over a vehicle’s operational lifespan. The study also reported an 80 percent reduction in ozone depletion potential and a 20 percent reduction in particulate matter emissions, demonstrating the potential of electric mobility to improve urban air quality and reduce public health risks in rapidly expanding cities.
With plans to expand local production and enter additional markets such as the Democratic Republic of the Congo and Ethiopia, Spiro is positioning itself as one of Africa’s most advanced electric mobility and battery-swapping infrastructure providers.
The company’s industrial footprint includes major manufacturing facilities in Kenya, Rwanda, and Uganda, along with a state-of-the-art battery recycling plant in Nigeria. Through locally adapted vehicle designs, affordable battery-swapping services, and integrated maintenance ecosystems, Spiro aims to make electric mobility commercially viable on a large scale across the continent.
Supporting these operations is Spiro’s technology platform, driven by its Global Technology and Innovation Center in Pune. The facility employs more than 150 engineers and supports a portfolio of over 30 proprietary patents. Beyond transportation, the company is expanding into distributed clean-energy networks that align with national renewable energy objectives while reducing dependence on imported fossil fuels. Its innovations include Internet of Things-enabled solar-powered battery-swapping stations and secondary-life battery applications designed for renewable energy storage.
Speaking on the development, Gagan Gupta, Founder of Spiro and Chairman of Equitane, described the investment as a defining moment for the company. He stated that the deployment of 100,000 electric vehicles and 2,500 smart battery-swapping stations across seven active markets has made sustainable mobility an affordable reality for everyday users. He added that Spiro has become a major contributor to industrialization, manufacturing growth, and value creation across Africa while generating approximately 6,000 direct and indirect sustainable jobs. Gupta said the company is now entering its next growth phase to deliver clean, affordable energy and transportation solutions to millions more riders across the continent.
Lars Bo Bertram, Chief Executive Officer of Impact Fund Denmark, said the organization sees significant commercial growth potential in both Spiro and the wider electric mobility sector across Africa. He noted that the investment combines strong business opportunities with measurable climate impact, aligning with the fund’s long-term investment strategy.
Spiro currently operates Africa’s largest battery-swapping network for electric two-wheel vehicles. The company has completed more than 30 million battery swaps and continues to expand its regional production and assembly capabilities. Through its strategy of developing electric vehicles manufactured in Africa by Africans for Africa and global markets, Spiro is positioning itself at the center of the continent’s clean transportation transformation.
The USD 215 million investment represents one of the most significant commitments to Africa’s electric mobility sector and underscores growing international confidence in the continent’s clean energy transition. With a rapidly expanding operational footprint, advanced technology capabilities, and strong institutional backing, Spiro is poised to play a pivotal role in reshaping transportation, energy infrastructure, and sustainable economic development across Africa.
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