Spiro named in TIME’s 100 Most Influential Companies of 2024

Spiro named in TIME's 100 Most Influential Companies of 2024

African EV company, Spiro has been named on the TIME 100 Most Influential Companies of 2024 list. According to the company, the listing highlights its impact on sustainable transportation and innovation across Africa.

The TIME 100 Most Influential Companies list celebrates businesses that are making extraordinary contributions in their fields, shaping the future of industries and society. According to the curators, the “TIME100 Companies is more than an index of business success. It is an argument for what business influence looks like in 2024”.

As Africa’s largest electric vehicle company, Spiro has been at the forefront of the continent’s transition to sustainable transportation.

With over 15,000 bikes and more than a quarter of a billion non-polluting kilometres driven across six countries, the company is dedicated to reducing environmental impact and enhancing urban mobility. The company’s mission includes building an integrated EV ecosystem in Africa with numerous partners and establishing a wide range of charging infrastructure, including battery swapping and direct charging.

Commenting on the listing, Kaushik Burman, CEO of Spiro said:

“This recognition for Spiro  in the Time 100 list is humbling and will catalyze our efforts to demonstrate our ability to innovate and deploy affordable mobility to customers thereby fostering financial inclusion, and empowering the lives of our customers and communities.”

Spiro named in TIME's 100 Most Influential Companies of 2024

In Africa, greenhouse gas emissions from transportation are growing at a rate of 7% each year. Air pollution is the second biggest killer across the continent, associated with heart disease, stroke, and lung cancer. Around 1.1 million people die prematurely from air pollution in Africa each year.

Operating across multiple African nations, Spiro’s mission is to reduce environmental impact and enhance urban mobility, build an integrated EV ecosystem in Africa with a multitude of partners, and establish a wide range of charging infrastructure which includes battery swapping and direct charging.

It provides a solution by offering clean, efficient, and sustainable transportation options through its fleet of electric motorbikes and extensive suite of solutions which include battery swapping, fast charging and home charging infrastructure. By reducing reliance on fossil fuels and lowering emissions, Spiro is actively contributing to the improvement of air quality and public health across Africa.

The company is the largest electric vehicle company in Africa, with over 9 million swaps in Benin, Togo, Nigeria, Kenya, Rwanda and Uganda.

Spiro’s technical innovation centre, based in Pune, has developed the technology platforms to deliver a Pan African smart energy ecosystem, powering the transition to sustainable transportation across the continent. 

The company is a subsidiary of Equitane, a global conglomerate focused on creating sustainable and innovative solutions across diverse industries. With a mission to lead responsible development worldwide, Equitane invests in and supports companies that align with its vision of integrating sustainability into business practices.

EV company, Spiro signs $50m debt funding raise with Afreximbank to accelerate expansion

The group is made up of leading subsidiaries in sectors such as renewable energy, healthcare, agribusiness, and technology, each contributing uniquely to our collective impact.

Anish Jain, Group CEO of Equitane, Spiro’s holding company, added: “This accolade underscores the innovative work we are doing in Africa and beyond. We are committed to expanding our services and infrastructure to support the growing demand for sustainable transportation options.”

Recall that last week, the company announced that it has signed heads of terms for a significant $50 million debt facility with the African Export-Import Bank (Afreximbank).

Read more: EV company, Spiro raises $50m debt funding from Afreximbank to accelerate expansion

This landmark agreement was signed in Kigali during the Africa CEO Forum, highlighting Spiro’s commitment to enhancing sustainable transportation on the continent. The official signing ceremony featured Spiro’s CEO, Kaushik Burman and Madame Kanayo Awani, Executive Vice President of Afreximbank.

According to a statement by Spiro, the funds will be used to expand the company’s network of automated swap stations and introduce new electric bike models as well as enhance the accessibility and convenience of green mobility solutions.

The company also believed that the collaboration with Afreximbank marks a significant milestone in its journey towards a greener future.

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