Serrari Group

Spiro, an Indian electric vehicle company, has joined forces with Afreximbank, securing a $50 million debt financing agreement aimed at expanding its market presence in Africa. This collaboration marks a strategic move for Spiro as it seeks to consolidate its position in six African nations while venturing into new territories.

The company’s focus on electric motorbikes has positioned it as a leading player in the African market. With a meticulous approach to market analysis, Spiro has identified lucrative opportunities across urban landscapes in countries like Benin, Togo, Kenya, Nigeria, Uganda, and Ghana.

Having already established a strong foothold in Benin and Togo with an impressive fleet of 11,000 motorbikes and 300 battery-swapping stations, Spiro is now expanding its reach. Recent expansions into Kenya and Rwanda, with plans to enter the Ugandan market, underscore the company’s commitment to growth.

Kaushik Burman, Spiro’s CEO, outlined the company’s vision at the African CEO Forum in Kigali, expressing a goal to deploy 1 million 2-wheelers within five years. This ambition aligns with Spiro’s holistic approach to building an electric vehicle ecosystem, encompassing charging infrastructure, IoT technology, mapping solutions, and a proprietary ride-hailing application.

Inspired by models like Uber, Spiro integrates bike manufacturing with a user-friendly ride-hailing app, featuring seamless payment options for both drivers and passengers. Supported by a dedicated team of engineers in Pune, India, Spiro ensures the efficient performance of its motorbikes through advanced monitoring systems.

Spiro’s partnership with Afreximbank reflects broader trends in Africa’s electric vehicle market. With companies like BasiGo, Roam, and Max also gaining traction, the continent’s electric vehicle sector is poised for substantial growth. Projections indicate that the market, currently estimated at $15.80 billion, could swell to $25.40 billion by 2029, signaling promising prospects for sustainable mobility solutions in Africa.

photo source: Google

By: Montel Kamau

Serrari Financial Analyst

20th May, 2024

Share this article:
Article and News Disclaimer

The information provided on is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk. is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

In no event will be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.

The articles, news, and information presented on reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.

The content on may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.

Every effort is made to keep the website up and running smoothly. However, takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.

Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.

By using, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website., reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.

Serrari Group 2023