Dubai-headquartered electric motorcycle and battery-swapping firm Spiro is rapidly scaling operations across Africa, mounting a challenge to traditional petrol-powered two-wheelers sold by Indian manufacturers Bajaj Auto and TVS Motor, according to a report by Mint published via TradingView. Founded by Indian entrepreneur Gagan Gupta, Spiro operates in Kenya, Uganda, Rwanda, Nigeria, Benin, Togo, Cameroon, and recently entered Ghana.
Spiro currently sells approximately 17,000 electric motorcycles a month, translating to an annualized volume of 204,000 units. Consultancy InsightEV estimates that Bajaj and TVS currently account for nearly half of Africa's total motorcycle market, exporting an estimated 1.5 million units annually. Spiro's current volume represents roughly 13% of the two Indian automakers' combined regional exports.
To support its fleet expansion and battery-swapping network, Spiro relies heavily on Chinese supply chains and capital. Initially sourcing products and technology from Chinese manufacturer Horwin, the company has entered a strategic partnership with Chinese electric two-wheeler maker Yadea. Spiro assembles motorcycles locally using Chinese kits and components. In June 2026, Spiro closed a $270 million funding round that included $55 million from Chinese investment firm NewTrails Capital.
Company founder Gagan Gupta told Mint that Spiro expects monthly deliveries to rise to between 50,000 and 60,000 units next year. The firm is investing approximately $70 million in assembly facilities across Kenya, Nigeria, and the Democratic Republic of Congo, aiming to achieve an annual production capacity of 600,000 motorcycles by mid-2027.
Sources
- TradingView · 2026-11-02
