Staff Writer
Pune: Indian entrepreneur Gagan Gupta-founded African electric mobility platform Spiro has raised $215 million in a new funding round backed by global institutional investors, including Impact Fund Denmark and Equitane, to expand its electric vehicle and battery-swapping ecosystem across Africa.
The company said on Monday that the fresh capital will be used to accelerate deployment of its battery-swapping network, expand manufacturing and assembly operations, and strengthen next-generation electric vehicle infrastructure across fast-growing African markets.
Spiro’s Global Technology and Engineering Centre in Pune will play a key role in driving research and development, artificial intelligence-led energy analytics and software innovation to support the company’s continental expansion strategy.
Founded by Gupta under the Equitane Group, Spiro currently operates in seven African markets, including Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon, with a fleet of over 1 lakh electric motorcycles and around 2,500 battery-swapping stations.
The company said it has already enabled more than 1 billion kilometres of electric mobility travel across Africa, positioning itself among the region’s largest e-mobility platforms.
Spiro said the latest investment marks a shift from proof-of-concept to large-scale deployment, as rising fuel costs, urbanisation and policy support drive demand for clean and affordable transport solutions across the continent.
The company added that its operations are delivering significant cost savings for riders, with electric vehicles reducing daily mobility expenses by up to 40 per cent compared with fossil fuel alternatives.
Citing third-party assessments, Spiro said its electric motorcycles deliver up to 72 per cent lower climate impact than conventional vehicles, along with significant reductions in emissions contributing to urban air pollution.
Founder Gagan Gupta said the company is now entering its next phase of expansion to scale clean mobility and energy access across Africa, while investors highlighted the platform’s commercial potential and climate impact as key drivers for backing the venture.
