"The company just announced a $100 million investment round led by The Fund for Export Development in Africa (FEDA), the development arm of Afreximbank. The raise marks Africa's largest-ever EV mobility investment and cements Spiro as the continent's most aggressive electric motorbike company. Spiro says it plans to deploy more than 100,000 electric bikes across Africa by the end of 2025, a 400% year-over-year jump that underscores its ambition to dominate a category long considered too fragmented to scale."
"Spiro's growth has been dizzying. When CEO Kaushik Burman joined two years ago from Taiwanese battery-swapping giant Gogoro, the startup had just 8,000 electric bikes and 150 swap stations spread between neighboring countries Benin and Togo. Today, it operates in six countries-including Rwanda, Kenya, Nigeria, and Uganda-with over 60,000 bikes deployed and 1,500 swap stations, where riders can swap depleted batteries for freshly charged ones. Battery swaps have surged from 4 million in 2022 to over 27 million this year, Burman told TechCrunch."
""These drivers spend 10 to 12 hours on the road every day, covering 150 to 200 kilometers while paying high fuel costs. At the end of each day, most barely save anything," Burman said. "That's why electric mobility, especially through a battery-swapping model, fits this segment perfectly. They can't afford downtim"
Spiro, headquartered in Dubai, closed a $100 million funding round led by The Fund for Export Development in Africa (FEDA), Afreximbank's development arm. The company plans to deploy more than 100,000 electric bikes across Africa by the end of 2025, targeting a 400% year-over-year increase. Growth expanded from 8,000 bikes and 150 swap stations in Benin and Togo to over 60,000 bikes and 1,500 swap stations across six countries, including Rwanda, Kenya, Nigeria, and Uganda. Battery swaps increased from 4 million in 2022 to over 27 million in the current year. The business model centers on battery swapping to reduce fuel costs and downtime for motorcycle taxi drivers.
Read at TechCrunch
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