Afreximbank and Spiro, an Indian electric car business, have inked a $50 million debt financing agreement to enable Spiro to increase the scope of its product line in its current markets.
The company has spent the last two years mapping African cities and identifying potential markets. It currently works in six countries: Benin, Togo, Kenya, Nigeria, Uganda, and Ghana. It also aims to expand to Cameroon and Morocco.
Kaushik Burman, the CEO of Spiro, who spoke recently on the sidelines of the African CEO Forum, which was staged in Kigali, Rwanda, said that the company seeks to produce more than 1 million 2-wheelers in the next five years.
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He said; “We want to do 1 million units of 2-wheelers in five years.’’
According to Burman, a sustainable electric car ecosystem unites all the many elements of the sector. For this reason, the company is investing in Internet-of-Things technology, mapping, and a ride-hailing app in addition to quick battery recharge and switching stations.
“It is like Uber but it doesn’t need bikes. But we are making bikes and we are going to be like Uber with a ride-hailing app,” Burman said. In addition, the app will integrate a payment feature and be accessible to both drivers and riders.
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