Spiro, one of Africa’s largest electric motorcycle and battery-swapping companies, has secured an additional $55 million in equity funding from Chinese investor NewTrails Capital, pushing its recently announced funding round to $270 million.
The latest investment comes just three weeks after the company revealed a record $215 million raise, one of the largest funding rounds ever announced in Africa’s electric mobility sector. With the new capital injection, Spiro’s total disclosed funding has now reached approximately $557 million, reinforcing its position as one of the continent’s best-funded clean mobility startups.
The funding follows a key leadership change at the company. Earlier this month, Spiro appointed former Indofast Energy chief executive Anant Badjatya as its Group CEO. Badjatya previously led one of India’s largest battery-swapping networks, overseeing more than 1,800 stations in a market widely regarded as a global leader in the technology.
Commenting on the investment, Spiro founder and chairman Gagan Gupta said the partnership with NewTrails Capital marks an important milestone as the company prepares for its next phase of growth across Africa and beyond.
“Partnering with NewTrails Capital’s deeply experienced team marks a powerful new chapter for Spiro as we prepare for the next steps of our pan-African and international expansion,” Gupta said.
According to the company, the new funding will be used to expand its battery-swapping network, strengthen manufacturing operations and scale energy infrastructure across key markets, including Nigeria, Kenya, Uganda and Rwanda.
The investment also highlights Spiro’s growing ties with Chinese investors and suppliers. The company has previously partnered with Chinese battery manufacturers, including a $11.6 million supply agreement with CBAK Energy Technology. Spiro says local production is also increasing, with 30% of the value of its motorcycles now manufactured within Africa.
For NewTrails Capital, the investment is a bet on Africa’s energy transition and the role battery-swapping infrastructure could play in accelerating the adoption of electric mobility across the continent.
“Spiro is still a young company, and everything today is only the beginning,” said Yufan Zhang, Founding Partner at NewTrails Capital. “We look forward to continuing to fulfill our role as a long-term investor, contributing our resources and experience, growing together with Spiro, and helping accelerate Africa’s new energy transition.”
Founded in 2022 by Gagan Gupta, Spiro says it has deployed more than 100,000 electric vehicles and established over 2,500 battery-swapping stations across seven countries. The company is backed by a range of investors, including Impact Fund Denmark, Equitane, FEDA, Nithio, Afreximbank and the Africa Go Green Fund.