African E-Mobility Leader Secures Landmark $100M Funding to Scale Electric Bike Ecosystem

Major Capital Injection for Continental EV Expansion

Spiro, a prominent electric vehicle manufacturer operating across multiple African markets, has successfully secured $100 million in funding to dramatically scale its production capabilities and battery infrastructure. This investment round represents the largest capital raise to date within Africa’s rapidly evolving electric mobility sector, signaling growing confidence in the continent’s transition to sustainable transportation.

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The funding is led by the Fund for Export Development in Africa (FEDA), the impact investment arm of the African Export-Import Bank (Afreximbank), which is committing $75 million. The remaining $25 million comes from an undisclosed venture capital firm, highlighting the increasing attractiveness of African e-mobility to diverse investor types.

Production Scale-Up and Manufacturing Strategy

Spiro plans to leverage this substantial investment to increase monthly electric bike production from current levels to 15,000 units monthly across its assembly facilities in Kenya, Nigeria, Rwanda, and Uganda. The company, a subsidiary of Dubai-based investment firm Equitane, will also significantly expand its battery manufacturing operations within Africa.

According to company statements, Spiro aims to have 100,000 electric vehicles operational by the end of 2025, representing a fivefold increase from 2024 levels. This ambitious expansion plan underscores the company’s confidence in market adoption rates and the growing demand for electric two-wheel transportation across the continent.

Market Dynamics and Competitive Advantages

Kaushik Burman, CEO of the two-year-old company, emphasized the economic drivers behind the shift to electric mobility. “Riders are rapidly transitioning from petrol motorcycles to our electric bikes due to significantly lower operating costs, reduced maintenance requirements, and improved daily earning potential,” he stated. The company estimates that operating electric vehicles costs at least 30% less than maintaining traditional petrol-powered motorcycles.

Spiro’s electric motorbikes retail between $800 and $1,000, positioning them as accessible alternatives for commercial operators. Many vehicles are deployed through partnerships with ride-hailing platforms like Bolt and various food delivery services, creating integrated mobility solutions., according to market analysis

Localization and Supply Chain Development

While initially dependent on knockdown kits imported from China and components from India, Spiro has made substantial progress in localizing its supply chain. The company now claims that 30% of each bike’s value comes from local content, representing meaningful progress in developing indigenous manufacturing capabilities.

This localization strategy not only reduces import dependencies but also contributes to local economic development and job creation—a key consideration for impact investors like FEDA.

Battery Swapping Infrastructure Expansion

A critical component of Spiro’s ecosystem approach is its extensive network of battery swapping stations. The company currently operates 1,200 stations across six African nations: Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo. With the new funding, Spiro plans to dramatically expand this infrastructure to 3,500 stations by year-end, addressing range anxiety and enabling continuous operation for commercial users.

Industry Perspectives and Competitive Landscape

The African e-mobility sector is becoming increasingly competitive, with companies like Nairobi-based Roam (producing electric buses and bikes), Kenya’s Ecobodaa, and Rwanda’s Ampersand all vying for market share. However, industry experts note varying approaches to sustainability., as comprehensive coverage

Deepak David of Autonomi Capital highlighted potential challenges: “Many companies are deploying bikes aggressively, but the true test will come as vehicles age and payment patterns evolve. Long-term viability requires robust operational models beyond initial deployment.”

Tope Lawani of Helios Investment Partners emphasized the capital intensity of manufacturing, noting that “building bikes means becoming a manufacturer with all the associated challenges of sales networks and regular model updates.” Helios has instead invested in Sun Systems, a pay-as-you-go battery service compatible with multiple manufacturers’ vehicles.

Funding Context and Future Outlook

This latest investment brings Spiro’s total funding to approximately $280 million, including previous debt facilities from Société Générale and equity from parent company Equitane. The scale of this funding round demonstrates that institutional investors are beginning to see African e-mobility as a viable, scalable sector rather than merely experimental.

As African nations grapple with rising fuel costs, urban congestion, and environmental concerns, electric two-wheel vehicles represent a pragmatic solution for both personal and commercial transportation. Spiro’s substantial funding achievement suggests that the continent’s electric mobility transition is moving from pilot phase to mainstream adoption, with significant implications for urban mobility, energy consumption, and economic development across Africa.

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