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Spiro Secures $50M from Afreximbank to Accelerate Electric Vehicle Expansion in Africa 🏍️ 🔋 🌍

Spiro Secures $50M from Afreximbank to Accelerate Electric Vehicle Expansion in Africa 🏍️ 🔋 🌍

#startup
#climate and sustainability
#funding
#mobility
Spiro, the India-based electric vehicle giant, has landed a significant $50 million debt financing deal with Afreximbank to amplify its electric vehicle presence in Africa. With operations already spanning six countries, Spiro aims to revolutionize the continent's transportation landscape. Here's how they plan to achieve this ambitious goal. 🌍🔋

Spiro, an electric vehicle (EV) company from India, has secured $50 million in debt funding from Afreximbank to expand its operations in Africa. Currently active in six countries—Benin, Togo, Kenya, Nigeria, Uganda, and Ghana—Spiro plans to extend its reach to Cameroon and Morocco by the end of the year.


Key Highlights:

  • Expansion Goals: Spiro aims to deploy 1 million electric two-wheelers across Africa within five years.
  • Current Operations: The company operates 11,000 motorbikes and 300 battery-swapping stations in Benin and Togo, with new deployments in Kenya and Rwanda, and plans for Uganda by the end of 2024.
  • Innovative Approach: Beyond motorbikes, Spiro is investing in IoT technology, mapping, and a ride-hailing app that will function similarly to Uber, enhancing the EV ecosystem.
  • Technology Integration: The ride-hailing app will include payment features and allow for tracking of motorbikes and battery usage, supported by a team of 50 engineers in Pune, India.
  • Market Potential: The African EV market is projected to grow from $15.80 billion in 2024 to $25.40 billion by 2029, driven by investments in companies like BasiGo, Roam, Max, and Spiro.

CEO's Vision: "We want to do 1 million units of 2-wheelers in five years," said Kaushik Burman, CEO of Spiro, highlighting the company's ambitious plans at the African CEO Forum in Kigali.


Future Plans: Spiro is not just about vehicles; it's about creating a sustainable EV ecosystem, integrating fast battery recharge and swapping stations, IoT technology, and comprehensive ride-hailing and payment systems.


🌍🔋 Spiro's expansion marks a significant step towards a sustainable and interconnected transportation network in Africa, promising to reshape the continent's EV landscape.

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