Electric motorcycle company Spiro has secured fresh Sh6.45 billion ($50 million) debt funding from African Export-Import Bank (Afreximbank) and two other investors to support the expansion of its battery-swapping network across existing and new markets.
Spiro’s fresh debt financing was tapped from Afreximbank and two new investors, Nithio and Africa Go Green Fund (AGG), which is managed by Cygnum Capital. The funding comes just four months after Spiro announced a landmark Sh12.9 billion ($100 million) investment in October 2025.
The company said that the new capital will support its battery-swapping network across existing and new markets and improve its technology platform.
“This new funding reinforces our vision of building a robust, scalable energy network,” Spiro CEO, Kaushik Burman, said. Spiro’s Deputy Country Head for Kenya, Raymond Kitunga, last week revealed the company tapped a $7 million (Sh903 million) debt financing from climate-focused financier Nithio, through its Facility for Adaptation, Inclusion and Resilience (FAIR) fund, a private investment vehicle that backs firms providing household energy assets such as solar home systems and productive-use appliances.
He said that the company is targeting rapid scale-up of its battery-swapping stations, dealership network, and after-sales support.
“We have 40 dealers across Kenya, and we seek to increase to 100 by the end of the year,” he told the Business Daily in an interview.
AGG was initiated by KFW on behalf of the German government to promote private investments that mitigate or reduce the emission of greenhouse gases.
Nithio, which has operations in Kenya, Nigeria, and the United States, runs a blended-finance platform pooling commercial, development finance, and philanthropic capital. Its backers include The Shell Foundation, The Rockefeller Foundation, FSD Africa, and The Rise Fund.
Nithio says it invests in local household energy companies that reach last-mile customers. In Kenya, Nithio has also financed the solar irrigation technology provider SunCulture, as well as asset-financing and solar energy companies d.light, M-KOPA, and Sun King.
Spiro is operational in seven countries—Kenya, Uganda, Rwanda, Nigeria, Benin, Cameroon and Togo—with pilots underway in Tanzania.
The company said that it has so far deployed more than 80,000 electric bikes, circulated over 300,000 batteries, completed more than 30 million battery swaps, and established over 2,500 swap stations.
Spiro has four assembly facilities in Uganda, Kenya, Nigeria, and Rwanda. The bikes are assembled from knockdown kits imported from China, with some spare parts sourced from India. The company’s plant in Kenya produces up to 50,000 electric motorcycles annually.
In Kenya, the company is currently operational in 30 counties and aims to expand to all 47 counties by the close of 2026, Mr. Kitunga said.
Founded in 2022, Spiro is a subsidiary of Dubai-based investment vehicle Equitane and is headquartered in Dubai, with its main operations hub in Nairobi.
