Spiro brings in former Indofast chief Anant Badjatya as group CEO after $215M funding round

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Fresh off one of the largest disclosed investments in Africa’s electric mobility sector this year, electric vehicle startup Spiro has appointed Anant Badjatya as its new Group CEO, signaling that the company is entering a new phase focused on scaling operations across the continent.

Badjatya joins Spiro from Indofast Energy, the battery-swapping venture backed by IndianOil and SUN Mobility, where he led the development of a network of more than 1,800 battery-swapping stations serving roughly 90,000 vehicles daily. His appointment comes just days after Spiro announced a $215 million equity raise, capital earmarked for expanding its battery-swapping infrastructure, manufacturing footprint, and energy operations across Africa.

The leadership transition also reshapes Spiro’s executive structure. Former CEO Kaushik Burman will now oversee the company’s mobility services division, which includes electric vehicle deployment, rider leasing programs, battery subscriptions, and fleet operations. According to the company, the new arrangement is intended to separate day-to-day mobility operations from its broader ambitions in energy infrastructure, logistics, battery technology, and manufacturing.

The timing is notable.

Africa’s electric mobility sector has attracted increasing investor attention over the past two years, particularly in the motorcycle segment, where high fuel prices and the economics of commercial transport have created a compelling case for electrification. Unlike many Western EV markets that are dominated by private car ownership, Africa’s transition is being driven largely by motorcycles used for ride-hailing, delivery, and informal transport services.

Spiro has emerged as one of the most aggressive players in that market.

The company says it has deployed more than 100,000 electric motorcycles and built a network of over 2,500 battery-swapping stations across seven African countries, including Nigeria, Kenya, Rwanda, Uganda, Togo, Benin, and Cameroon. It has also completed more than 30 million battery swaps and operates manufacturing facilities in East Africa alongside a battery recycling plant in Nigeria.

Those numbers have helped position Spiro as one of Africa’s largest electric mobility companies, though the challenge now shifts from deployment to operational efficiency and long-term profitability.

That may explain the appeal of Badjatya’s background.

India is widely regarded as one of the most advanced battery-swapping markets globally, particularly for two- and three-wheel vehicles. Companies operating there have spent years refining infrastructure models, battery utilization rates, fleet economics, and network density—lessons that could prove valuable as African operators attempt to scale beyond pilot programs and early adoption.

Spiro founder and chairman Gagan Gupta described Badjatya’s appointment as part of the company’s next chapter of growth and execution. Badjatya, meanwhile, said Africa represents one of the most promising frontiers for electric mobility and pointed to Spiro’s position in the market as a platform for further expansion.

The hire follows a period of rapid fundraising activity for the company. Prior to the latest round, Spiro had secured a $100 million investment in late 2025 and an additional $50 million financing package earlier this year. The latest $215 million raise, backed by investors including Impact Fund Denmark and Equitane, brings fresh capital as the company looks to deepen its presence in existing markets and expand into new ones.

The broader significance extends beyond Spiro itself.

Electric mobility remains a relatively young sector across much of Africa, where infrastructure gaps, financing constraints, and supply chain challenges continue to slow adoption. Yet investor interest has persisted, particularly in business models built around motorcycles and battery swapping rather than passenger cars.

For many commercial riders, the economics are increasingly difficult to ignore. Electric motorcycles can reduce operating costs by eliminating fuel purchases and lowering maintenance expenses, while battery-swapping systems remove the need for long charging times. That combination has made two-wheel mobility one of the continent’s most active EV segments.

Spiro’s latest executive appointment suggests the company believes the next battle will not be about proving demand for electric motorcycles. Instead, it will be about building the operational infrastructure needed to serve millions of riders across multiple markets while turning large-scale deployment into a sustainable business.

With $215 million in fresh capital and a new chief executive whose experience was forged in one of the world’s most mature battery-swapping ecosystems, Spiro is positioning itself for that challenge. Whether it can translate scale into lasting market leadership may become one of the most closely watched stories in Africa’s evolving electric mobility sector.