Spiro Secures Another $55 Million to Expand Electric Mobility Network
Quidah is an online platform that connects investors with curated opportunities and expert insights on Africa’s emerging markets, while offering businesses promotional services, partnership facilitation, and market intelligence to attract capital and grow their operations.
Industries
Spiro, one of Africa's largest electric motorcycle and battery-swapping companies, has secured an additional $55 million equity investment from Chinese early-stage investor NewTrails Capital, bringing the funding round announced earlier this month to $270 million. The latest commitment comes three weeks after Spiro disclosed a record $215 million equity raise, one of the largest funding rounds announced in Africa's electric mobility sector.
With the latest commitment, Spiro's total disclosed funding now stands at about $557 million, cementing its position among the continent's most heavily funded electric mobility companies. The company said it will use the fresh capital to expand its battery-swapping network, manufacturing operations and energy infrastructure across African markets where it already operates, including Kenya, Uganda, Rwanda and Nigeria.
The investment comes less than two weeks after Spiro appointed former Indofast Energy chief executive Anant Badjatya as group CEO. Badjatya previously oversaw a battery-swapping network of more than 1,800 stations in India, one of the world's most developed markets for the technology.
"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," founder and chairman Gagan Gupta said in a statement on Monday. The company said the new funding will support growth across its existing markets and accelerate its broader expansion plans.
The investment also deepens Spiro's ties to Chinese investors and suppliers. The company has previously sourced batteries from Chinese manufacturers, including a $11.6 million supply deal with CBAK Energy Technology, and in October 2025 said 30% of the value of its motorcycles is now produced locally.
NewTrails Capital said it views Spiro as an "infrastructure-like business" and sees the company's battery-swapping network as part of a broader energy transition taking place across African markets. Yufan Zhang, founding partner of NewTrails Capital, said the company is still young and that the investment is only the beginning of a longer-term partnership.
Founded in 2022 by Gupta, Spiro says it has deployed more than 100,000 electric vehicles and built over 2,500 battery-swapping stations across seven countries. The company has attracted backing from investors including Impact Fund Denmark, Equitane, FEDA, Nithio, Afreximbank and the Africa Go Green Fund.
