FEDA leads $100m investment to expand regional electric mobility

Spiro, a two-wheel electric mobility company, has raised $100 million in a record-breaking investment round to expand electric mobility in Africa.
The round was led by The Fund for Export Development in Africa (FEDA), the development impact investment arm of the African Export-Import Bank (Afreximbank), with $75 million of the total coming directly from FEDA.

The investment marks a major milestone for Africa’s clean energy and transport revolution, positioning Spiro as a key driver in the shift from petrol-powered motorcycles to cleaner, more affordable, and more efficient electric mobility solutions.

Chief Executive Officer of Spiro Africa, Kaushik Burman, said riders are rapidly shifting from internal combustion motorcycles to a more affordable and accessible battery-swapping ecosystem.

“For the first time, riders are embracing sustainable transportation because it performs better, costs less to operate, and offers greater profitability,” Burman said.

Burman added that the $100 million funding would accelerate Spiro’s mission to build a pan-African battery-swapping infrastructure and support its plan to deploy more than 100,000 electric vehicles by the end of 2025, representing a 400 per cent year-on-year increase.

Former president of Afreximbank and chairman of both Afreximbank and FEDA, Benedict Oramah, said the investment underscores the bank’s commitment to fostering a sustainable and competitive mobility sector across Africa.

“Together, we are laying the groundwork for a new era of intra-African trade and industrialisation by stimulating local vehicle manufacturing, strengthening regional integration, and enhancing trade flows. We are also focused on creating skilled jobs and reducing Africa’s dependence on imported second-hand vehicles,” Oramah said in a statement.

Founder of Spiro, Gagan Gupta, described FEDA’s involvement as “a catalyst for the next phase of growth,” while FEDA’s CEO, Marlene Ngoyi, praised Spiro’s scalable model as a “commercially viable and socially impactful” solution to Africa’s transport and energy challenges.