Spiro Raises $215 Million for Manufacturing Push

Nairobi-based electric mobility startup Spiro has secured $215 million in equity funding, bringing its total raised to $365 million in just nine months and valuing the company at nearly $1 billion.

The round was led by Equitane, an investment firm founded by Indian entrepreneur Gagan Gupta (also Spiro’s founder), with participation from Impact Fund Denmark. This latest injection will fuel Spiro’s ambition to move beyond assembly into full-scale manufacturing of its e-bikes and components.

From Assembly to Ground-Up Manufacturing

Spiro currently imports partially assembled frames and components, which it then tailors for African roads. The acquisition of UK-based Coexlion in May signals a strategic shift towards complete control over vehicle design and manufacturing—creating proprietary technology and strengthening its competitive moat.

With this expansion, Spiro aims to:

• Control the entire production process from design to components
• Reduce manufacturing costs through vertical integration
• Create more differentiated products with unique features

This aligns with a broader trend among African tech companies seeking greater control over their supply chains and intellectual property.

Expanding Across Markets

Spiro already dominates the e-bike market in Kenya and operates battery-swapping networks across seven countries. The new funding will support further expansion into new markets while deepening its presence in existing ones.

Gupta’s vision is for Spiro to become a major player in Africa’s electric mobility ecosystem, providing affordable transportation solutions while creating local manufacturing jobs.