NAIROBI, June 23 – Spiro has secured an additional $55 million in equity funding from Chinese investor NewTrails Capital, taking the company’s latest funding round to $270 million just three weeks after announcing a record $215 million raise.
With the new investment, Spiro’s total disclosed funding has reached about $557 million, making it one of Africa’s best funded electric mobility companies.
The funding comes less than two weeks after the company appointed former Indofast Energy chief executive Anant Badjatya as Group CEO. Badjatya previously led a battery swapping network of more than 1,800 stations across India.
Founder and Chairman Gagan Gupta said the partnership with NewTrails Capital will support Spiro’s next phase of growth as it expands across Africa and into international markets.
The company said the fresh capital will be used to grow its battery swapping network, manufacturing operations and energy infrastructure in markets where it already operates, including Kenya, Uganda, Rwanda and Nigeria.
The investment also strengthens Spiro’s relationship with Chinese investors and suppliers. The company has previously sourced batteries from China, including an $11.6 million supply agreement with CBAK Energy Technology. In October 2025, Spiro said that 30% of the value of its motorcycles was being produced locally.
NewTrails Capital described Spiro as an infrastructure focused business and said its battery swapping network is part of Africa’s wider shift towards cleaner energy.
Founded in 2022, Spiro says it has deployed more than 100,000 electric vehicles and built over 2,500 battery swapping stations across seven countries. The company is backed by investors including Impact Fund Denmark, Equitane, FEDA, Nithio, Afreximbank and the Africa Go Green Fund.
