Spiro Aims to Revolutionize African Micromobility with 63,000 Bikes by 2025
Spiro, a German-based micromobility company, is expanding its operations across Africa. The company, which operates 15 swap stations in Lagos, Nigeria, aims to deploy 63,000 additional bikes by 2025 to reach $200 million in annual revenue. Spiro has secured significant funding, including a $63 million loan, to support its growth.
Spiro's ambitious expansion plans include partnerships with governments. In Uganda, the company is working with the government to deploy over 140,000 e-bikes and 3,000 charge-and-swap stations by 2028. The company has also secured a loan from Société Générale to roll out 15,700 new bikes and over 1,000 swap stations in Benin and Togo.
Spiro's daily subscription model, costing approximately $5.32 per day including up to seven battery swaps, generates around $212,800 in daily revenue with its current fleet of 40,000 bikes. This amounts to nearly $78 million annually. The company aims for a 10x growth in bike deployment by 2025, not necessarily revenue.
With competitors like Max and Siltech innovating and expanding, Spiro's aggressive growth strategy is crucial. The company's success depends on its ability to execute these ambitious plans, secure further funding, and maintain its daily revenue generation.
