An electric mobility company Spiro is building battery-swapping networks for motorcycles, has secured $50 million in debt financing to expand its footprint across Africa.
The new funding backed by Afreximbank, Nithio, and Africa Go Green Fund comes just months after the company raised $100 million in October 2025. The back-to-back capital injections highlight how infrastructure-heavy Africa’s electric mobility sector is becoming, particularly for companies building physical networks of batteries and swap stations.
Scaling beyond pilots
Africa’s electric two-wheeler market is moving past small pilots into large-scale deployments. In this phase, access to long-term financing is critical. Companies that can fund dense charging and swapping networks are more likely to lock in riders early, control access points, and shape pricing in their favour.
“Demand for Spiro’s innovative, industry-leading battery swapping infrastructure continues to grow and is reshaping mobility in Africa by providing reliable, clean transportation options across the continent,” said CEO Kaushik Burman.
Founded in 2022, Spiro operates in Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo. The company says it has deployed more than 80,000 electric motorcycles and built over 2,500 battery-swapping stations. It has completed 30 million battery swaps to date giving it one of the largest installed bases in Africa’s electric two-wheeler market.
Turning energy into recurring revenue
Spiro’s model differs from traditional vehicle sales. Riders buy or lease an electric motorcycle, then swap depleted batteries for fully charged ones at Spiro stations typically in under five minutes. The company owns and manages the batteries, effectively turning energy consumption into a recurring revenue stream rather than relying solely on one-off bike sales.
The decision to raise debt, rather than more equity, suggests lenders are increasingly confident in the predictability of those recurring cash flows. It also allows the company to scale without significantly diluting shareholders following last year’s nine-figure raise.
The density challenge
Battery swapping only works at scale. The model depends on high station density, fast turnaround times, and reliable power supply.
In Kenya alone, there are more than 1.9 million registered motorcycles, most operating as boda bodas motorcycle taxis that form the backbone of urban mobility. That presents a large, daily-use customer base for e-mobility companies.
However, grid reliability remains uneven in cities like Nairobi, according to data from the Energy and Petroleum Regulatory Authority (EPRA). Power interruptions can slow charging cycles and reduce station uptime, affecting how efficiently swap networks operate.
Spiro says it controls more than 50% of the electric motorcycle market, based on figures shared during its October 2025 raise.
Cost pressures remain
Electric motorcycles can lower daily operating costs compared to petrol-powered bikes. But operators note that battery depreciation, imported spare parts, and currency volatility continue to pressure margins particularly in markets where swap station density is still thin outside major urban corridors.
With fresh debt capital in hand, Spiro is betting that deeper infrastructure, wider geographic coverage, and scale efficiencies will strengthen its position in a market that is rapidly professionalising.
The next phase of Africa’s electric mobility race may not be about who launches first but who can afford to build, maintain, and finance the network for the long haul.