Spiro raises $215 million to accelerate EV battery swapping across Africa

Spiro, an electric mobility platform led by Indian entrepreneur Gagan Gupta, has raised $215 million from global institutional investors. The funding round includes support from Impact Fund Denmark and Equitane. This investment will help Spiro expand its automated battery-swapping network and increase its manufacturing presence in Africa.

Key Highlights

• Spiro raised $215 million from global institutional investors led by Impact Fund Denmark and Equitane.
• The company operates over 100000 electric motorcycles and 2500 battery-swapping stations in seven African countries.
• Spiro will use the funds to expand manufacturing and launch operations in the Democratic Republic of the Congo and Ethiopia.
• The Pune innovation center manages software and technology with over 150 engineers and 30 proprietary patents.s
• Domestic volumes grew 24 percent year-on-year in May 2026, while exports declined 33 percent.

Major Investment and Expansion Plans

The $215 million capital injection will accelerate Spiro's rollout of next-generation electric vehicle infrastructure. The company plans to broaden its industrial assembly footprint and finance new projects in high-growth African markets. Spiro's expansion is supported by product development and software innovation from its Global Technology and Engineering Center in Pune, India.

Founded by Gagan Gupta under the Equitane Group, Spiro has moved beyond its initial proof-of-concept phase. It now operates the largest electric mobility network on the African continent. The company manages a fleet of over 100,000 electric motorcycles and runs 2,500 automated battery-swapping stations. These stations serve seven urban markets: Kenya, Rwanda, Uganda, Togo, Benin, Nigeria, and Cameroon.

Operations and Technology Backbone

Spiro operates manufacturing facilities in Kenya, Rwanda, and Uganda. It also manages a specialized battery recycling complex in Nigeria. The Pune innovation center employs over 150 engineers and oversees more than 30 proprietary patents. This center drives the company's software framework, artificial intelligence energy analytics, and Internet of Things utility systems.

With the new funding, Spiro plans to start local manufacturing and open commercial operations in the Democratic Republic of the Congo and Ethiopia. The company aims to further strengthen its position as a leading electric mobility provider in Africa.

Market Performance and Future Outlook

Spiro has consolidated its position as the second-largest player in the domestic market. Electric vehicle sales for passenger carriers rose by 32 percent, while cargo vehicles increased by only 0.4 percent. Domestic volumes grew 24 percent year-on-year in May 2026, but exports declined by 33 percent. These figures reflect the company's strong domestic growth and challenges in export markets.

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CarBike 360 Says

With fresh capital in hand, Spiro is well-positioned to accelerate Africa’s transition toward sustainable mobility. Its focus on scalable battery-swapping infrastructure addresses key barriers like charging time and range anxiety. As EV adoption gains momentum, this investment could play a crucial role in reshaping urban transportation across the continent while supporting long-term environmental and economic goals.