Spiro secured $100 million in funding led by the Fund for Export Development in Africa, marking the largest investment in Africa's electric motorcycle sector. The African Export-Import Bank's impact division contributed $75 million to support battery-swapping infrastructure expansion across the continent.
The company operates more than 60,000 electric motorcycles and 1,200 swapping stations in six African nations. Spiro recorded over 26 million battery exchanges and plans to increase its fleet to 100,000 vehicles by late 2025.
CEO Kaushik Burman said riders are switching from gas-powered motorcycles to electric options that cost less and generate higher profits. The company's network has enabled 800 million kilometers of low-carbon transportation since its 2022 founding.
Afreximbank President Benedict Oramah noted the investment supports local manufacturing and regional commerce while reducing dependence on imported vehicles. Spiro previously raised $180 million from investors such as Equitane and Société Générale.
The company operates more than 60,000 electric motorcycles and 1,200 swapping stations in six African nations. Spiro recorded over 26 million battery exchanges and plans to increase its fleet to 100,000 vehicles by late 2025.
CEO Kaushik Burman said riders are switching from gas-powered motorcycles to electric options that cost less and generate higher profits. The company's network has enabled 800 million kilometers of low-carbon transportation since its 2022 founding.
Afreximbank President Benedict Oramah noted the investment supports local manufacturing and regional commerce while reducing dependence on imported vehicles. Spiro previously raised $180 million from investors such as Equitane and Société Générale.
