Included in this sum is $75 million from The Fund for Export Development in Africa (FEDA), the impact-investment arm of African Export‑Import Bank (Afreximbank).

Spiro says the latest funding will support its mission of delivering affordable, accessible electric motorcycles and building a continent-wide network of battery-swapping infrastructure.

The company views this as key to transforming Africa’s urban transport and clean-energy transitions.

According to Spiro’s Chief Executive Officer, Kaushik Burman, the financing underscores a shift underway in Africa: riders are increasingly abandoning fuel-powered motorcycles in favour of electric alternatives served by swap-stations, driven by lower operating costs and better earnings potential.

“We are at an inflection point in personal mobility,” he said.

Afreximbank’s President and Chairman of FEDA’s board, Benedict Oramah, emphasised that the investment aligns with broader ambitions to scale industrialisation, deepen regional trade and reduce reliance on importing second-hand petrol vehicles.

According to him, the project is helping lay “the groundwork for a new era of intra-African trade and industrialisation.”

Spiro plans to use the capital to ramp up its battery-swapping infrastructure across its existing markets and to enter new ones.

By the end of 2025, the company expects to have deployed more than 100,000 vehicles, further consolidating its role as a leading provider of two-wheel electric mobility in Africa.

The funding also supports the company’s technology platform and manufacturing ambitions, as part of a strategy to localise production, generate jobs and reduce costs for riders.

Reports indicate the company already operates in multiple African countries via assembly or distribution.

Electric two-wheelers supported by battery-swapping networks offer particular promise in Africa’s cities, where rising fuel costs, congested streets and limited public charging infrastructure pose barriers to traditional electric vehicles.

Spiro’s model — combining locally-adapted e-motorcycles with a fast-swap battery network — is gaining traction.