Spiro secures another $55 million three weeks after $215 million raise

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 investment 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.

It also 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 NewTrail 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 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 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. In October 2025, Spiro 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.

“Spiro is still a young company, and everything today is only the beginning. We look forward to continuing to fulfill our role as a long-term investor, contributing our resources and experience, growing together with Spiro, and helping accelerate Africa’s new energy transition,” said Yufan Zhang, Founding Partner of NewTrails Capital.

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.