The narrative of electric mobility in Africa has often been more about potential than actual progress. With limited infrastructure, inconsistent power grids, and a market dominated by affordable imported motorcycles, the path forward is challenging. However, Spiro, based in Dubai, has been actively changing this story over the last couple of years.
The company recently revealed a $100 million investment round, spearheaded by The Fund for Export Development in Africa (FEDA), Afreximbank’s development division. This funding round is the largest EV mobility investment Africa has seen and solidifies Spiro’s position as the most ambitious electric motorbike company on the continent.
Spiro intends to roll out over 100,000 electric motorcycles across Africa by the close of 2025. This represents a 400% increase year-over-year, highlighting its determination to lead a market that has long been deemed too scattered for significant growth.
Spiro has experienced rapid growth. When Kaushik Burman took over as CEO two years ago, joining from Taiwanese battery-swapping leader Gogoro, the startup had only 8,000 electric motorcycles and 150 swap stations across Benin and Togo.
Currently, Spiro is active in six countries, including Rwanda, Kenya, Nigeria, and Uganda, with more than 60,000 motorcycles in operation and 1,500 swap stations. These stations allow riders to exchange depleted batteries for fully charged ones. Battery swaps have jumped from 4 million in 2022 to over 27 million this year, according to Burman speaking to TechCrunch.
Burman credits Spiro’s success to a business strategy tailored for the realities of Africa.
Motorcycle taxis—known locally as boda bodas in Kenya and okadas in Nigeria—are essential for transporting people and goods in both urban and rural areas across African cities. However, the millions of riders who depend on these taxis face high fuel expenses.
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“These drivers typically work 10 to 12 hours each day, covering 150 to 200 kilometers, while dealing with significant fuel costs. As a result, many barely save any money,” Burman explained. “Electric mobility, particularly with battery-swapping, is an ideal solution for this market segment. It minimizes downtime and helps them save money.”
This is the opportunity Spiro is pursuing. According to Burman, Spiro’s electric motorcycles are approximately 40% cheaper initially than new gasoline models. In markets like Kenya or Rwanda, where a standard gasoline motorcycle costs between $1,300 and $1,500, Spiro’s e-bikes are priced around $800 and offer about a 30% reduction in cost per kilometer, as battery swapping is more economical than buying fuel, he noted.
The combination of reduced costs and quicker returns has made Spiro’s approach appealing to taxi drivers. Burman states that most riders, who pay a daily fee for access to the energy network, save up to $3 daily on fuel and maintenance. “This saving is significant enough to potentially buy another motorcycle or launch a small business in the future,” the CEO pointed out.
Spiro’s income is generated from motorcycle sales and its battery-swapping service. Riders purchase or lease a Spiro motorcycle, collect a fully charged battery at a swap station, and are charged only for the energy used. Each swap station contains multiple batteries that are constantly recharged, ensuring no operational delays. Billing is handled through a unique algorithm that tracks energy consumption.
The network itself is Spiro’s main source of profit. By controlling the battery infrastructure and charging a small fee for each swap, the company rapidly achieves economies of scale. “Beyond battery swapping, we are also utilizing renewable energy sources and energy storage to ensure our network remains operational even during power outages,” Burman added.
Spiro’s swap stations are strategically located in gas stations, shopping centers, and even religious sites. This network is developed through partnerships that also foster local employment.
To satisfy rising demand and create more job opportunities, the startup, which is three years old, has established four assembly and manufacturing facilities in Kenya, Nigeria, Rwanda, and Uganda. These facilities assemble motorcycles and essential parts, including traction motors, controllers, and batteries.
Spiro already assembles batteries in Kenya using its proprietary battery management system (BMS). The company aims to increase local sourcing from the current 30% to 70% within the next two years, which will include plastics, helmets, and brake components, according to Burman.
The $100 million funding round, which includes $75 million from FEDA and the remainder from other key investors, will support this expansion. This follows over $180 million in previous investments, consisting of debt and equity from the Equitane Group (Spiro’s parent company) and Société Générale.
The new capital will be used to broaden Spiro’s swap network, increase manufacturing capabilities, enhance R&D efforts, and initiate pilot programs in new markets like Cameroon and Tanzania.
As Spiro expands, it is likely to encounter increased competition from other EV startups such as Ampersand, ROAM, Max, and BasiGo. However, Burman views the situation differently.
“Our primary competition is the gasoline motorcycle market, including both new and used bikes, and the millions of potential riders who currently lack access to affordable transportation and employment opportunities.”
Africa has approximately 25 million motorcycles, compared to 320 million in India, despite having similar population sizes. Burman believes this thirteen-fold difference highlights the extensive opportunities that lie ahead.
