Spiro targets Uganda expansion with new $50 million investment for electric bikes

KAMPALA — Spiro, a leader in African electric mobility, is targeting an expansion of its operations in Uganda following the acquisition of $50 million in debt funding to bolster its electric motorcycle fleet and battery-swapping infrastructure.

The funding round, announced Tuesday, includes investment from Afreximbank alongside new backers Nithio and the Africa Go Green Fund. The capital injection follows a $100 million investment in late 2025 and is intended to accelerate the deployment of clean energy transport solutions across the continent.

In Uganda, where the transition to electric motorcycles is gaining momentum, the new capital will be used to grow Spiro’s network of battery-swapping stations. The company currently operates more than 2,500 such stations across six countries, including Uganda, Kenya and Rwanda, allowing riders to exchange depleted batteries for charged ones in seconds.

Kaushik Burman, CEO of Spiro, said the investment will help meet the growing demand for reliable and clean transportation. The company has already deployed more than 80,000 electric motorcycles and completed over 30 million battery swaps.

The expansion plan also includes upgrades to Spiro’s technology platform, specifically focusing on automated battery swaps, fast-charging capabilities and the integration of renewable energy sources.

“By combining local insights with global best practices, we are creating a resilient, green energy ecosystem that supports economic development and climate goals,” said Gagan Gupta, founder of Spiro.

For the Ugandan transport sector, the move toward electric bikes is seen as a way to reduce both urban air pollution and the daily operating costs for riders. Spiro officials noted that their fleet has already surpassed 1 billion carbon-free kilometers traveled.

Afreximbank representatives said the investment supports a “just energy transition” by promoting a green industrial value chain. Spiro is currently conducting additional pilot programs in Cameroon and Tanzania as it scales its infrastructure across its 14-country footprint.