The archive · Climate & Energy · Product decision · 2022–2026
Spiro bets battery swapping, not charging, wins Africa's moto-taxi market
Dubai-HQ Spiro sells/leases e-motos with pay-per-swap energy; 8,000 bikes in 2023 grew to 100,000+ across seven African markets by Jun 2026.
Spiro
What the business is
Sells and leases electric motorcycles and runs a network of battery-swap stations where riders pay per energy swap.
Starting capital：Oct 2025: $100M round with $75M from FEDA, after $180M+ prior equity and debt from parent Equitane Group and Société Générale; Feb 2026 added $7M senior debt and a $50M debt package; latest equity round closed at $270M in Jun 2026.
How it started
Launched in 2022 under Equitane Group, whose founder Gagan Gupta is named by The Kenyan Wallstreet as Spiro's founder; CEO Kaushik Burman (ex-Gogoro) joined when Spiro had 8,000 bikes and 150 swap stations concentrated in Benin and Togo.
What happened
By Oct 2025 Spiro operated in six countries — Benin, Togo, Rwanda, Kenya, Nigeria and Uganda — with 60,000+ bikes, 1,500 stations and 27M+ swaps that year, plus assembly plants in Kenya, Nigeria, Rwanda and Uganda; a $100M FEDA-led round, Africa's largest e-mobility investment, funded a push past 100,000 bikes by end-2025. A $270M final close in Jun 2026, including China's NewTrails Capital, funded entry into Cameroon, Ethiopia and the DRC.
How it ended up
Still scaling as of Jun 2026: 100,000+ e-motos deployed, 2,500+ swap stations, 30M+ swaps and ~6,000 direct and indirect jobs across seven markets, with competition from Ampersand, Roam and Max acknowledged in coverage.
Background
Spiro is a Dubai-headquartered electric-mobility company betting that battery swapping, not charging, is what unlocks Africa's moto-taxi market. Riders buy or lease an e-bike for roughly $800 versus $1,300–1,500 for a petrol model, then pay per swap at stations placed in gas stations, shopping centers and other high-traffic sites; the energy network, not bike sales, is the profit engine.
Spiro launched in 2022 under Equitane Group, whose founder Gagan Gupta saw fuel costs strangling West African transport. CEO Kaushik Burman, recruited from Taiwanese swapping giant Gogoro, took over a network of 8,000 bikes and 150 swap stations in Benin and Togo; by Oct 2025 that had grown to 60,000+ bikes and 1,500 stations in six countries, 27M+ swaps in the year, and assembly plants in Kenya, Nigeria, Rwanda and Uganda.
In Oct 2025 Spiro raised $100M led by FEDA, the Afreximbank development arm — the largest investment ever in African e-mobility — following more than $180M in earlier financing. By Jun 2026 its latest round closed at $270M, with 100,000+ motorcycles and 2,500+ stations across seven markets and plans to enter Ethiopia and the DRC; TechCrunch names Ampersand, Roam and Max among its competitors.
The case is a wedge play on economics: cheaper upfront price, lower cost per kilometre, and zero charging downtime for riders who cannot afford to stop earning.
What has to be true
- Fuel is the moto-taxi operator's biggest daily cost; cutting it roughly 30% per km changes take-home pay immediately.
- Swapping removes the charging downtime and grid reliance that sank earlier e-moto pitches in power-unreliable markets.
- An e-bike priced ~40% below a new gas bike lowers the switch barrier for drivers who earn per trip.
- Per-swap fees and stations at existing commercial locations turn the network into a recurring-revenue business rather than a one-off vehicle sale.
What can be applied
Sell the cheaper machine but monetize the energy: cut upfront price versus gas and make swaps faster than refueling, then earn recurring revenue on the network, not bike margins.
Aftermath
As of Jun 21, 2026, Spiro operates in Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon with 100,000+ e-motos, 2,500+ swap stations and 30M+ swaps. Its latest equity round closed at $270M with China's NewTrails Capital joining FEDA, Equitane, Impact Fund Denmark, Nithio and Africa Go Green Fund; Feb 2026 added $7M senior debt and a $50M debt package. Spiro assembles vehicles in Kenya, Rwanda and Uganda, recycles batteries in Nigeria, supports roughly 6,000 jobs, and has announced Ethiopia and DRC expansion. No profitability or exit figures appear in the sources.
Sources
- Spiro raises $100M, the largest-ever investment in Africa's e-mobility
- Chinese Investor Lifts Spiro's Funding Haul to US$270mn
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