Spiro secures $50m loan to increase number of electric cars in Africa - Ripples Nigeria
Connect with us

Tech

Spiro secures $50m loan to increase number of electric cars in Africa

Published

on

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.

READ ALSO:Electric cars take front stage, as Nigerian govt unveils six post-subsidy palliatives

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.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Exit mobile version