Indian entrepreneur Gagan Gupta, founder of the EV company Spiro, has successfully raised $215 million to expand its battery-swapping network, enhance its industrial footprint, and develop electric vehicle (EV) infrastructure across African markets. This funding round attracted several institutional investors, including Impact Fund Denmark and Equitane Group.
Spiro has become the largest EV company in Africa, operating in seven countries, with plans to expand into five additional countries and strengthen its presence in existing markets with this fundraise, Gupta said. According to Gupta, Africa is shifting towards e-mobility, with e-bikes now accounting for 20-30% of new motorcycle sales.
EV loan interest rates in Africa are nearly 50% lower than those for internal combustion engine (ICE) motorcycles, making it easier to track these vehicles and collect payments at battery-swapping stations.
By the end of this year, Spiro plans to enter the electric three-wheeler market. The company is also collaborating with Chinese manufacturers to establish a battery cell factory in Africa, where they are considering holding minority stakes, Gupta mentioned.
Spiro’s vision
Spiro is focused on creating one of Africa’s most comprehensive EV and battery-swapping ecosystems to make electric mobility commercially viable for Africans. They manufacture electric motorcycles at plants located in Kenya, Rwanda, and Uganda, and operate a battery recycling facility in Nigeria.
Currently, Spiro runs over 1,00,000 electric motorcycles and a network of 2,500 automated battery-swapping stations across Kenya, Rwanda, Uganda, Togo, Benin, Nigeria, and Cameroon, generating around 6,000 direct and indirect jobs.
Gupta explained that this is a heavily operations-oriented business requiring substantial investments in energy to support the charging and swapping networks, making it a daunting task for competition. Africa’s EV market primarily relies on battery swapping, and most electric motorcycles operate as taxis, with a smaller portion being used for personal transport.
For riders, operating a Spiro electric vehicle can lower daily mobility costs by up to 40%, resulting in savings of up to $2 per day compared to fossil-fuel motorcycles, which has been driving EV adoption.
Spiro operates in seven of Africa’s fastest-growing urban markets: Kenya, Rwanda, Uganda, Togo, Benin, Nigeria, and Cameroon, with plans to enhance local production and enter new markets such as the Democratic Republic of the Congo and Ethiopia.
Gupta, based in Dubai, also founded ARISE IIP, ARISE IS, and ARISE P&L, companies focused on designing, financing, building, and managing industrial infrastructure across Africa. These companies operate in Gabon, Togo, Benin, Côte d’Ivoire, Chad, Rwanda, Nigeria, the Democratic Republic of the Congo, the Republic of the Congo, Sierra Leone, Malawi, and Cameroon. Additionally, the group is also involved in processing metals and minerals.
Spiro has a Technology Centre in Pune dedicated to advancing technology development for its motorcycles, as well as for its charging network and swapping stations. Following the acquisition of Coexlion, a motorcycle design and engineering firm based in Bengaluru, Spiro now has a presence in the UK.
At Spiro’s Global Technology and Innovation Centre in Pune, a team of 180 engineers is working on over 30 proprietary patents, with plans to expand the Indian team to 350-400. This centre will lead efforts in research and development, AI-driven energy analytics, and software innovation to support Spiro’s expansion.