Spiro eMobility Startup Raises $100M of Green Funding from Afreximbank for Panafrican Expansion
On 22 October 2025, Spiro announced that it has managed to raise USD 100 million in investment to power its eMobility business in Nigeria. Spiro provides electric motorbikes and battery-swapping services to the masses as part of the #decarbonization drive.
The CEO of Spiro, Kaushik Burman, believes that Africa is at the inflection point in terms of eMobility as the adoption curve is rising exponentially. Indeed, the business case is tilting more and more in favor of electric vehicles as opposed to traditional vehicles. By the end of 2025, the number of eBikes deployed by Spiro will have surpassed the 100,000 mark.
“For the first time, riders are embracing sustainable transportation because it performs better, costs less to operate, and offers greater profitability than traditional gas-powered vehicles.”
Spiro CEO Kaushik Burman
It is worth noting that 75% of the invesment comes from the Fund for Export Development in Africa (FEDA), the invesment arm of the African Export-Import Bank (Afreximbank). In 2024, Afreximbank extended a USD 50 million loan to Spiro to support its pan-African expansion strategy. Prior to this round of financing, Spiro had secured USD 180 million from Societe Generale and Equitane.
Afreximbank Chair Oramah also highlighted that green transportation is laying the groundwork for a new era of intra-African trade and industrialisation by stimulating local vehicle manufacturing, strengthening regional integration, and enhancing trade flows.
“We are delighted to partner with Spiro on this transformative initiative. Our investment reflects Afreximbank’s strong commitment to building a competitive and sustainable mobility sector in Africa.”
Afriximbank and FEDA Chair Benedict Oramah
Founded in 2022, Spiro is now present in six Africa countries, namely, Benin, Kenya, Nigeria, Rwanda, Uganda, and Togo. Recently, the company launched pilot programs in Cameroon and Tanzania. In one of its key markets of Nigeria, Spiro plans to set up 2,000 battery swap stations by 2026. Spiro is also mulling the possibility to expand along the value into motorbike assembly and renewable energy generation.