Africa Startup M&A Watch | Spiro × Coexlion
SPIRO, Africa’s largest electric mobility company and battery swapping network, has acquired Coexlion, a UK and India based motorcycle engineering and design firm, in a strategic move to strengthen its product development, engineering and localization capabilities.
The acquisition brings Coexlion’s team of 28 engineers, who have contributed to more than 25 motorcycle programmes globally, into Spiro’s growing technology platform. Their expertise spans electric two wheelers, battery systems, chassis and frame development, vehicle integration, reliability engineering and industrial design.
As part of the transaction, Spiro has also announced plans to establish its first African R&D centre in Nairobi. This marks an important step towards building mobility technologies that are designed and engineered closer to the markets they serve.
Building Engineering Capabilities in Africa
Spiro currently operates more than 100,000 electric motorcycles and over 2,500 battery swapping stations across seven African markets, making it one of the continent’s most significant e mobility platforms.
The acquisition of Coexlion adds a deeper engineering capability to that existing operational footprint. Bringing experienced motorcycle engineers into the business can strengthen Spiro’s ability to develop and adapt vehicles, battery systems and other technologies for African operating environments.
The planned Nairobi R&D centre is particularly significant. Establishing product development and engineering capabilities within Africa can allow companies to design around local road conditions, driver requirements, climate, infrastructure and commercial realities from the outset.
From Deployment to Product Ownership
Africa’s e mobility sector has entered a new stage of development.
Early growth was largely driven by deploying imported electric vehicles, building distribution networks and establishing battery swapping infrastructure. As the market matures, companies are increasingly looking to control more of the underlying technology and product development process.
Engineering expertise, intellectual property, product design and manufacturing capabilities can provide greater control over product performance and economics while creating more defensible businesses over the long term.
Spiro’s acquisition of Coexlion reflects this shift. Rather than focusing solely on expanding its fleet, the company is investing in the capabilities required to develop the next generation of products supporting that fleet.
Why Nairobi Matters
The decision to establish Spiro’s first African R&D centre in Nairobi also highlights Kenya’s growing position within the continent’s mobility technology ecosystem.
Nairobi has developed a strong base of technology companies, mobility startups, engineering talent and investors. Its position as a regional technology and commercial hub provides a potential platform for developing products that can serve Kenya while also being adapted for wider African markets.
For the broader ecosystem, the creation of R&D capabilities can generate opportunities for local engineers, suppliers, technology companies and universities to participate in the development of electric mobility products.
What We See
At Double Feather Partners, we see this acquisition as a signal of the next phase of Africa’s e mobility evolution.
The sector is gradually moving beyond vehicle deployment and distribution towards greater ownership of engineering, product development, intellectual property and manufacturing capabilities.
This shift will be important for companies seeking to build long term, defensible mobility platforms across the continent.
The ability to understand local operating conditions and translate that knowledge into better products can become a significant competitive advantage as African e mobility markets scale.
Spiro’s combination of a large operating fleet, battery swapping infrastructure and now expanded engineering capabilities provides an interesting example of how African mobility companies can move further up the technology value chain.
Congratulations to the Spiro leadership team, including Kaushik Burman, Gagan Gupta, Tom Llewellyn CEng and the broader team on this milestone.