Spiro, one of Africa’s leading electric motorcycle and battery-swapping companies, has secured a further $55 million in equity funding from Chinese investment firm NewTrails Capital, lifting the value of the funding round announced earlier this month to $270 million.
The latest investment follows Spiro’s announcement three weeks ago of a record $215 million equity raise, one of the largest funding rounds ever disclosed within Africa’s electric mobility sector.
The additional capital brings the company’s total disclosed funding to approximately $557 million, reinforcing its status as one of the continent’s best-funded electric mobility businesses.
The development comes shortly after the appointment of former Indofast Energy chief executive Anant Badjatya as Spiro’s Group CEO. Badjatya previously led the expansion of a battery-swapping network comprising more than 1,800 stations across India, a market regarded as one of the most advanced globally for the technology.
Commenting on the investment, founder and chairman Gagan Gupta said the partnership with NewTrails Capital marks an important milestone as the company prepares for the next phase of its expansion across Africa and into international markets.
Spiro intends to deploy the new funds towards expanding its battery-swapping infrastructure, manufacturing capacity and energy network in key markets where it already operates, including Kenya, Uganda, Rwanda and Nigeria.
The investment further strengthens Spiro’s links with Chinese investors and suppliers. The company has previously sourced batteries from Chinese manufacturers, including through an $11.6 million supply agreement with CBAK Energy Technology. In October 2025, Spiro reported that 30 per cent of the value of its motorcycles was being produced locally.
NewTrails Capital described Spiro as an infrastructure-driven business and said its battery-swapping network forms part of the wider energy transition taking place across African economies.
Yufan Zhang, Founding Partner of NewTrails Capital, said the firm views Spiro as being at an early stage of its growth journey and remains committed to supporting the company’s long-term development while helping to accelerate Africa’s transition to cleaner energy solutions.
Established in 2022 by Gagan Gupta, Spiro says it has deployed more than 100,000 electric vehicles and developed over 2,500 battery-swapping stations across seven countries. The company’s investor base includes Impact Fund Denmark, Equitane, FEDA, Nithio, Afreximbank and the Africa Go Green Fund.
