Spiro Secures $270M to Accelerate Africa’s EV Expansion

According to Spiro Founder and Equitane Chairman Gagan Gupta, the company has reached a stage where its business model has been proven at scale and is now preparing for a broader phase of growth.

Spiro, one of Africa's largest electric mobility and clean energy infrastructure companies, has raised a total of $270 million in its latest funding round, marking a major milestone in the company's efforts to expand electric transportation and energy services across the continent.

The latest investment includes a newly completed $55 million commitment from NewTrails Capital, a Chinese growth-stage investment firm focused on emerging markets. With operations spanning Shanghai, Shenzhen and Nigeria, the fund is increasing its presence in Africa's fast-growing clean energy sector through this strategic partnership. The new financing adds to support already received from investors including FEDA, Equitane, Impact Fund Denmark, Nithio and the Africa Go Green Fund, reflecting growing confidence in Africa's emerging electric mobility market.

Building a larger electric mobility ecosystem

Spiro has rapidly expanded its footprint across the continent, moving beyond pilot projects and early-stage demonstrations. The company has deployed more than 100,000 electric vehicles and established over 2,500 smart battery-swapping stations across seven African markets.

According to Spiro Founder and Equitane Chairman Gagan Gupta, the company has reached a stage where its business model has been proven at scale and is now preparing for a broader phase of growth.

Gupta said the partnership with NewTrails Capital represents an important step in Spiro's expansion journey, providing access to expertise, resources and long-term support as the company strengthens its position in Africa and explores international opportunities.

The company's network combines electric vehicles, battery-swapping technology, digital payment systems and service infrastructure into a single operating platform designed around the transportation needs of African consumers and businesses.

Chinese partnership supports local manufacturing ambitions

NewTrails Capital sees Spiro as a company capable of reshaping how energy is used across transportation sectors in Africa. The investment firm believes the business has the potential to develop into a large-scale infrastructure platform that delivers commercial growth while generating environmental and social benefits.

The investor highlighted Spiro's localized operating model, integrated supply chain and technology-driven ecosystem as key strengths that differentiate it within the market. The company's ability to connect vehicles, batteries, charging and swapping services, payments and maintenance networks has helped address several challenges that have historically slowed electric vehicle adoption across Africa.

The partnership is also expected to support Spiro's ongoing efforts to localize manufacturing and strengthen supply chains within Africa. Chinese suppliers and financing partners are expected to play a larger role in these initiatives as the company works to increase local production capacity and reduce costs.

With demand for cleaner transport solutions continuing to rise across African cities and commercial transport networks, the latest funding provides Spiro with additional resources to scale operations, deepen infrastructure investments and contribute to the continent's broader energy transition.