What Equitane does

Equitane is a Dubai-headquartered private investment holding company (Equitane DMCC) that operates a diversified portfolio of operating subsidiaries across climate solutions, renewable energy, manufacturing, healthcare, and infrastructure in emerging markets. Founded in 2022 as the Africa Transformation and Industrialization Fund (ATIF) and rebranded to Equitane, the platform manages businesses active in 14 countries across Africa, India, and the UAE, including Spiro (electric mobility and battery-swapping), Okala (biodiversity MRV), Solen (solar and thermal power generation), Sequoia Plantations (sustainable agro-forestry and carbon sinks), Arise IIP (industrial zones), ARISE P&L (ports and logistics), Africa Pharma (generic pharmaceuticals), Eminent Ceramics (tiles), and ATMS (textile consulting). The CEO is Anish Jain.

Equitane's portfolio companies deploy proprietary technologies tailored to their sectors. Spiro operates Africa's largest electric motorcycle fleet with over 100,000 vehicles and 2,500+ automated battery-swapping stations, many solar-powered, supported by AI-driven energy analytics from a Global Technology and Engineering Center in Pune, India. Okala runs an AI-powered biodiversity monitoring, reporting, and verification (MRV) platform processing 11.7 terabytes of data across video, sound, and eDNA sampling to identify 2,340 species across more than 1 million hectares. Solen develops solar and thermal power projects under Build-Own-Operate models with 300+ MW under development and 50 MW under construction across four African countries.

Revenue is generated through diversified streams across the holding structure: battery-swapping fees and EV sales (Spiro), long-term 20-25 year power purchase agreements with state-owned utilities and captive commercial and industrial consumers (Solen), carbon credit sales and plantation timber (Sequoia), wholesale tile distribution (Eminent Ceramics), pharmaceutical manufacturing and distribution (Africa Pharma), and port and logistics operations (ARISE P&L). Equitane additionally captures value through capital appreciation of its portfolio stakes, with Spiro reportedly approaching unicorn status near a $1B valuation following recent large funding rounds.

Name

Equitane

Legal name

Equitane DMCC

Website

https://equitane.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Equitane is a Dubai-headquartered private investment holding company operating a diversified portfolio of climate, energy, manufacturing, healthcare, and infrastructure businesses across 14 emerging-market countries in Africa, India, and the UAE.

Ownership category

akta.pro rank

Product category

Sustainable Infrastructure Investment

NAICS

Portfolio Management and Investment Advice (523940)

akta.pro primary industry

Strategic / Balance-Sheet CVC (On-balance-sheet investing) (FSANAHAA)

akta.pro secondary industry

OCIO & Multi-Asset Outsourced Portfolio Management (FSAAAJAF)

Keywords

• Sustainable infrastructure investing
• Electric vehicle mobility
• Renewable energy development
• Impact investment platform
• Emerging market industrialization

Headquarters

HQ city

Dubai

HQ country

United Arab Emirates

HQ region

Middle East

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Supply Chain, Marketing or Sales

Revenue model

1. Investment Returns from Portfolio Companies: Equitane generates returns through its ownership stake in diverse portfolio companies spanning EV/mobility, renewable energy, healthcare, manufacturing, and infrastructure. The company holds stakes in Spiro, Okala, Solen, Sequoia, Arise IIP, Africa Pharma, Eminent Ceramics, and ATMS.
2. Battery Swapping Services and EV Sales: Spiro generates revenue through battery-swapping fees for electric motorcycle riders and direct sales of electric vehicles. Riders reportedly save up to 40% on daily transportation costs compared to fossil-fuel alternatives.
3. Power Purchase Agreements: Solen sells energy generated from solar and thermal plants to state-owned utilities and captive commercial/industrial consumers under 20-25 year fixed-price PPAs, providing steady long-term revenue streams.
4. Carbon Credit Sales: Sequoia generates revenue from carbon credits produced through large-scale tree plantations (carbon sequestration) and improved cookstove distribution. Okala also generates credits through biodiversity monitoring and conservation projects.
5. Pharmaceutical Distribution: Africa Pharma produces and distributes high-quality affordable generic drugs, targeting import substitution in African markets where up to 90% of consumption is met by imports.
6. Vitrified Tile Manufacturing and Sales: Eminent Ceramics manufactures and sells vitrified tiles, with plans to expand footprint across Africa. Targets wholesalers and distributors with competitive pricing and reliable supply chain.
7. Plantation Timber and Charcoal: Sequoia provides plantation timber to wood-based industries and produces industrial plantation charcoal through green projects, addressing deforestation while generating revenue.
8. Improved Cook Stove Sales: Sequoia manufactures and distributes Improved Cook Stoves (ICSs) aimed at reducing carbon footprint and improving health and wellbeing of local communities.

Go-to-market motion1 record

Distribution channels6 records

Marketing channels5 records

Core offering

Equitane is a privately held Dubai-based investment holding company (Equitane DMCC) that owns and manages a diversified portfolio of operating subsidiaries focused on climate solutions, sustainable manufacturing, healthcare, and infrastructure development across 14 emerging market countries. The portfolio delivers electric mobility and battery-swapping services (Spiro), solar/thermal power generation (Solen), biodiversity monitoring and carbon credits (Okala, Sequoia), generic pharmaceutical manufacturing (Africa Pharma), vitrified tile production (Eminent Ceramics), industrial zone development (Arise IIP), textile consulting (ATMS), and ports/logistics (ARISE P&L). Equitane generates returns through long-term equity ownership and capital allocation across these portfolio companies.

Product overview

Equitane is a multi-subsidiary investment platform managing a diversified portfolio of companies across climate solutions, renewable energy, manufacturing, healthcare, and infrastructure. The platform operates through distinct subsidiary brands including Spiro (electric vehicles and battery-swapping), Okala (biodiversity MRV), Solen (solar power), Sequoia Plantation (sustainable forestry), Arise IIP (industrial zones), Africa Pharma (generic pharmaceuticals), Eminent Ceramics (tile manufacturing), and ATMS (textile consulting). These subsidiaries function as independent operating companies unified under Equitane's sustainability-focused investment strategy, with 14 countries of physical presence.

Differentiator

Problem solved

Functional benefit

Products and services

• Spiro Electric Mobility Service Africa's largest electric vehicle company providing electric motorcycles and three-wheelers with automated battery-swapping infrastructure. Spiro has deployed over 100,000 electric motorbikes and operates 2,500+ solar-powered swap stations across 7 African countries, offering battery-swapping, direct charging, and a ride-hailing app for motorbike taxi riders who can save up to 40% on daily costs.
• Okala Biodiversity MRV Platform AI-powered biodiversity monitoring, measurement, reporting, and verification (MRV) platform. Okala processes video, sound, and eDNA sampling data to identify 2,340 species across more than 1 million hectares, handling 11.7 terabytes of biodiversity data using AI combined with human expertise. Featured in TIME 100 Most Influential Companies 2024 for sustainable agro-forestry.
• Solen Solar and Thermal Power Generation Independent power producer developing solar PV and thermal power plants across Africa. Solen has 300+ MW of projects under development and 50 MW under construction across 4 countries, selling energy to state-owned utilities and commercial/industrial captive consumers under 20-25 year fixed-price Power Purchase Agreements (PPAs) via a Build-Own-Operate model.
• Sequoia Sustainable Agro-Forestry Sustainable agro-forestry company developing large-scale tree plantations, carbon sink projects, and improved cookstove distribution across Gabon, Togo, Benin, and Republic of Congo. Generates revenue through plantation timber sales to wood-based industries, carbon credit sales from carbon sequestration, and industrial plantation charcoal production. Plans 6-7 factories across Africa by 2030 with 100,000 sqm/day capacity.
• Arise IIP Industrial Zone Development Industrial zone developer enabling African countries to foster economic growth through special economic zones. Provides infrastructure, fiscal incentives, raw material access, and captive markets for portfolio companies and other manufacturers across Africa.
• Africa Pharma Generic Drug Manufacturing Pharmaceutical company producing high-quality affordable generic drugs targeting import substitution in African markets where up to 90% of drug consumption is met by imports. Distributed through partnerships with FHC Medica (250+ registered products across 10+ countries) and La Sante Pharmaceutique in Gabon.
• Eminent Ceramics Vitrified Tile Manufacturing Vitrified tile manufacturer addressing Africa's growing demand for quality tiles while supporting local economic growth through import substitution. Targets wholesalers and distributors with competitive pricing and reliable supply chain. Plans to expand footprint across Africa.
• ATMS Textile Business Consulting Textile business consulting and management services supporting the growth and management of textile operations in Africa. Provides expert consulting to textile manufacturers and operators in African markets.

Quantifiable outcome

• Riders save up to 40% on daily transportation costs compared to gasoline motorcycles
• +6 more outcomes

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability6 records

Feature4 records

Partnerships

Five partnerships are on record, tiered core and flagship.

• Ace Green RecyclingcoreStrategic or Co-development Partner · 7 January 2025Ace Green Recycling and Spiro announced strategic partnership for sustainable battery circularity in Africa. The partnership focuses on responsible battery recycling and circular economy solutions for electric vehicle batteries, supporting Spiro's sustainability objectives.
• Davido (Afrobeats Superstar)flagshipGTM or Marketing Partner · 1 January 2025Spiro announced strategic partnership with Afrobeats superstar Davido for 2025 marketing campaigns. The partnership leverages celebrity influence to drive brand awareness and adoption of electric mobility across Africa.
• FHC Medica / Fiza Health Care LimitedcoreStrategic or Co-development PartnerAfrica Pharma partnered with FHC Medica, supported by Fiza Health Care Limited, which has 250 registered products across 10+ countries. This partnership supports the company's generic drug manufacturing and distribution capabilities.
• La Sante PharmaceutiquecoreStrategic or Co-development PartnerAfrica Pharma is integrating with La Sante Pharmaceutique, a generic drug manufacturer already operational in Gabon. This partnership provides manufacturing capabilities and local market presence for pharmaceutical production.
• Arise IIPcoreStrategic or Co-development PartnerAfrica Pharma and other Equitane portfolio companies integrate with Arise IIP industrial zones, which provide infrastructure, fiscal incentives, and captive markets for products like timber and charcoal.

Scale indicators20 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Actis: Global private equity and infrastructure investor with a deep Africa franchise spanning energy, real estate and growth equity. Most directly comparable to Equitane as a strategic, balance-sheet investor in operating businesses across emerging markets, with similar multi-sector thesis.
• Helios Investment Partners: Pan-African private equity firm investing across consumer, financial services, telecoms and infrastructure on the continent. Comparable to Equitane as a long-term holding company building and operating businesses in Africa rather than relying on financial-only returns.
• Quantum Global Group: Africa-focused alternative investment and private equity platform deploying capital across real estate, infrastructure, and growth equity. Comparable in mandate to Equitane's diversified sustainable-development thesis across multiple African verticals.

Broad incumbents

• Africa Finance Corporation: Pan-African multilateral development finance institution investing in infrastructure and industrial projects across the continent. Overlaps with Equitane's Arise IIP industrial zones, ARISE P&L ports, and Solen renewable energy pipeline.
• Sanlam Investments: Pan-African financial services and investment group with holdings across insurance, asset management and alternative investments in Africa. Comparable as a diversified African investment holding operating across multiple asset classes and geographies.
• Old Mutual Alternative Investments: Pan-African financial services group with alternative investments spanning infrastructure, private equity and growth capital across the continent. Comparable in scope to Equitane's multi-sector Africa investment thesis.

Emerging players

• Ampersand: East African electric motorcycle taxi operator deploying battery-swap enabled vehicles for boda-boda riders. Direct peer to Equitane's Spiro subsidiary and the most relevant emerging competitor in African e-two-wheeler mobility.
• Gogoro: Taiwan-based pioneer of electric two-wheeler battery-swapping networks. Comparable to Spiro's technology and business model of automated battery-swap stations for motorcycle fleets, albeit in a more developed urban market.

Regional players

• Globeleq: UK-based independent power producer focused exclusively on renewable and thermal generation across Africa. Closest peer to Equitane's Solen subsidiary in IPP model, geography and PPA-based revenue structure.
• Lekela Power: Africa-focused renewable energy platform developing and operating wind and solar projects across the continent. Directly comparable to Solen's 300+ MW solar/thermal pipeline under development.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments7 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Equitane