Spiro Receives Boost with New $55 Million Funding Round

Just weeks after announcing a record $215 million equity raise, African electric motorcycle and battery-swapping leader Spiro has secured an additional $55 million from Chinese early-stage investor NewTrails Capital. This brings the total funding round to $270 million and positions Spiro among the continent’s most well-funded electric mobility companies with over $557 million in disclosed funding.

The investment arrives as Spiro continues its expansion across multiple African markets, including Kenya, Uganda, Rwanda, and Nigeria. The company plans to use this new capital to strengthen its battery-swapping infrastructure, expand manufacturing capabilities, and build out broader energy solutions for electric vehicles.

This development follows the recent appointment of Anant Badjatya as group CEO – bringing extensive experience from India’s rapidly developing electric mobility sector. Mr. Badjatya previously oversaw a network of over 1,800 battery-swapping stations in one of the world’s most advanced markets for this technology.

“Partnering with NewTrail Capital’s experienced team marks a significant milestone as we prepare to scale our operations across Africa and beyond,” said Spiro founder and chairman Gagan Gupta. “This investment underscores confidence in our vision for sustainable transportation solutions on the continent.”

NewTrails Capital views Spiro as an essential infrastructure business that aligns with broader energy transition trends taking shape across African markets. The company has already sourced batteries from Chinese manufacturers, including a $11.6 million deal with CBAK Energy Technology, and now produces 30% of its motorcycle components locally.

With over 100,000 electric vehicles deployed and more than 2,500 battery-swapping stations built in seven countries, Spiro is rapidly transforming transportation across Africa. Backed by investors like Impact Fund Denmark, Equitane, FEDA, Nithio, Afreximbank, and the Africa Go Green Fund, the company is poised for continued growth as it addresses the continent’s evolving energy needs.