Clean infrastructure and electric mobility platform Spiro has secured a landmark $215 million investment round backed by major global institutional investors, including Impact Fund Denmark and Equitane. The capital injection will accelerate the expansion of the company's automated battery-swapping network, broaden its industrial assembly footprint, and finance next-generation electric vehicle infrastructure across high-growth African markets. Structural support for this expansion is anchored by product development and software innovation conducted at the firm's Global Technology and Engineering Center located in Pune, India.
Founded by Indian entrepreneur Gagan Gupta under the Equitane Group, Spiro has transitioned past its initial proof-of-concept phase to become the largest electric mobility player on the African continent. The company currently operates a fleet of over 100,000 electric motorcycles supported by a network of 2,500 automated battery-swapping stations across seven rapidly growing urban markets, including Kenya, Rwanda, Uganda, Togo, Benin, Nigeria, and Cameroon.
Spiro operates manufacturing facilities in Kenya, Rwanda, and Uganda, alongside a specialized battery recycling complex in Nigeria. The underlying software framework, artificial intelligence energy analytics, and internet-of-things utility systems are driven by the Pune innovation center, which houses over 150 engineers and manages more than 30 proprietary patents. Looking forward, the company intends to utilize this financing to initiate local manufacturing and establish new commercial operations in the Democratic Republic of the Congo and Ethiopia.