Spiro secures Shs348 billion investment to scale electric mobility

Africa’s electric mobility sector has faced challenges such as scarce infrastructure and unreliable power grids, but Dubai-based Spiro is determined to change that.

The company has secured a $100 million (about Shs348 billion) investment round, led by the Fund for Export Development in Africa (FEDA), marking the largest-ever electric vehicle (EV) mobility investment on the continent.

Spiro plans to deploy 100,000 electric bikes across Africa by the end of 2025, a 400% year-over-year increase.

The company operates in six countries, including Rwanda, Kenya, Nigeria, and Uganda, with over 60,000 bikes and 1,500 swap stations, where riders exchange depleted batteries for fresh ones.

Spiro’s battery-swapping model has already seen over 27 million swaps this year, up from 4 million in 2022.

The company’s rapid growth is driven by its business model tailored to Africa’s unique needs.

Motorcycle taxis, or "boda bodas" and "okadas," play a crucial role in transport across the continent. Fuel costs are high for riders, who often spend 10–12 hours on the road daily.

This cost-effective model, along with the option to save on fuel and maintenance, makes Spiro’s electric bikes attractive to taxi drivers. The company earns revenue through bike sales and its battery-swapping network, charging users based on energy consumption.

To support its expansion, Spiro has established assembly plants across Kenya, Nigeria, Rwanda, and Uganda. The $100 million investment, which includes $75 million from FEDA, will help grow its manufacturing capacity and swap network, as well as fund research and development.

Despite growing competition, Spiro is confident in its market position, citing the untapped potential of the gasoline bike segment and the millions of potential riders who lack affordable transport.