Spiro, the Africa-focused electric mobility platform founded by Indian entrepreneur Gagan Gupta, has secured a landmark $215 million investment round backed by major institutional investors including Impact Fund Denmark and Equitane to accelerate the rollout of electric mobility and battery-swapping infrastructure across the continent.
The funding will support the expansion of Spiro’s battery-swapping network, manufacturing footprint and next-generation EV ecosystem across high-growth African markets, strengthening its position as one of the continent’s leading clean mobility infrastructure platforms.
Pune technology centre to drive innovation
A key pillar of Spiro’s growth strategy is its global technology and engineering centre in Pune, which is leading the company’s research and development, AI-driven energy analytics and software innovation efforts.
The Pune facility, home to more than 150 engineers and supported by 30 proprietary patents, serves as the technology backbone for Spiro’s rapidly expanding operations across Africa.
The company said it has already enabled more than 1 billion kilometres of eco-friendly travel across the continent through its electric mobility ecosystem.
Expanding footprint across Africa
Spiro currently operates in seven African markets, Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon, and plans to expand further into countries including the Democratic Republic of Congo and Ethiopia.
Its industrial footprint includes manufacturing facilities in Kenya, Rwanda and Uganda, along with a battery recycling plant in Nigeria. The company combines locally adapted vehicle design with battery-swapping infrastructure and integrated maintenance services to make electric mobility commercially viable for riders.
Global investors back infrastructure-led growth
The latest equity raise builds on the support of long-standing institutional investors, including FEDA, while attracting fresh capital from Europe and Africa.
According to the company, the transaction reflects growing global investor confidence in scalable, infrastructure-led business models across emerging markets and the increasing role of electric mobility in addressing transportation and energy challenges.
Beyond mobility into clean energy
Spiro is also expanding beyond transportation into distributed clean-energy solutions that support renewable energy adoption and reduce dependence on imported fossil fuels.
Its innovations include IoT-enabled, solar-powered battery-swapping stations and secondary-life battery applications designed for stationary renewable energy storage.
Spiro Founder and Chairman of Equitane, Gagan Gupta, said: “This past year marked a defining strategic milestone for Spiro. Across seven active markets, our deployment of 100,000 electric vehicles and 2,500 smart-swap stations has turned sustainable mobility into an affordable, everyday reality. Spiro has become a major driver of local industrialisation, value creation and manufacturing across African markets with 6,000 sustainable direct and indirect jobs. Supported by our global pool of investors, we are entering our next growth chapter to deliver clean, cost-effective energy and transport alternatives to millions of riders across the continent.”
Impact Fund Denmark CEO, Lars Bo Bertram, said: “We are investing in Spiro and bringing Danish pension capital into one of Africa’s most promising growth markets because we see potential for significant commercial growth in Spiro and electric mobility across Africa, as well as measurable climate impact. That is exactly the type of investment we want to make.”
Building a large-scale EV ecosystem
With more than 100,000 electric vehicles and 2,500 smart battery-swapping stations already deployed, Spiro is building one of Africa’s most advanced electric mobility ecosystems.
The company said the fresh capital will help accelerate the adoption of clean transport solutions while supporting industrial development, job creation and sustainable energy infrastructure across the continent