The new capital comes as Spiro scales its battery-swapping network and electric vehicle operations across seven African countries, where it says it has already deployed more than 100,000 electric vehicles and established 2,500 smart battery-swapping stations.

The company operates in key markets including Kenya, Rwanda, Uganda, Nigeria, Cameroon, Benin, and Togo, positioning itself among the continent’s largest electric mobility platforms.

Gagan Gupta, Founder of Spiro and Chairman of Equitane, said the company has moved beyond the early-stage testing phase and is now focused on scaling its operations across Africa and beyond.

“I would like to thank NewTrails Capital for believing in Spiro’s model and supporting our unique tech, energy and innovation journey,” Gupta said.

“Having deployed 100,000 electric vehicles and 2,500 smart-swap stations across seven active markets, Spiro has firmly moved past the proof-of-concept phase. 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.”

The investment highlights growing international investor interest in Africa’s energy transition and electric mobility sector, particularly as rising fuel costs, rapid urbanization, and demand for affordable transportation continue to create opportunities for alternative mobility solutions.

Electric motorcycles are increasingly gaining traction across African cities, where two-wheel transport plays a critical role in moving people and goods.

Industry players are also attracting capital as governments and businesses look for ways to reduce dependence on imported fossil fuels while lowering transport costs.

NewTrails Capital said it sees significant long-term potential in Spiro’s integrated approach, which combines electric vehicles, battery technology, charging infrastructure, digital payments, and after-sales services into a single ecosystem tailored to African markets.

“We believe Spiro is driving a profound energy revolution across mobility use cases in Africa,” said Yufan Zhang, Founding Partner of NewTrails Capital.

“This represents not only a vast and highly imaginative market opportunity, but also the potential to grow into an infrastructure-like business that creates meaningful commercial, social, and environmental value.”

Zhang said the company’s strengths include its local operating expertise, integrated supply chain, digital capabilities, and ability to scale efficiently across multiple markets.

“More importantly, Spiro has systematically integrated vehicles, batteries, energy replenishment, payments, and service networks into a solution that is truly tailored to the needs of African users, effectively addressing long-standing structural pain points in the local market,” he added.

The Chinese investor also pointed to the growing role of Chinese manufacturing networks and financing in supporting Africa’s green technology transition.

“As a Chinese fund committed to investing in Africa’s energy transition and green technology, we are encouraged to see Chinese supply chains and financing playing an increasingly important role in this process,” Zhang said.

“Spiro is still a young company, and everything today is only the beginning. We look forward to continuing to fulfil our role as a long-term investor, contributing our resources and experience, growing together with Spiro, and helping accelerate Africa’s new energy transition.”

According to the company, the latest funding will help deepen manufacturing and supply-chain localisation efforts across Africa, with a particular focus on strengthening partnerships with Chinese suppliers.

The move aligns with a broader trend of international companies seeking to build local production capacity on the continent while reducing supply-chain costs and improving market responsiveness.