MAX: fueling EVs in Nigeria

Biography

Adetayo Bamiduro is the co-founder of MAX, a Nigerian startup which extends credit to gig workers for them to purchase electric vehicles (EVs).

MAX is also expanding into building EV infrastructure, such as laying out a battery-swapping network. In 2021, the company raised a $31M Series B.

Prior to MAX, Adetayo worked at NLNG Nigeria, a local energy conglomerate. He holds an MBA from MIT. 

MAX went through multiple pivots. Can you explain the main ones and their rationale?

We launched in 2015, when companies like Uber, Lyft and Postmates were taking off in the US. MAX’s first version was an on-demand marketplace for small businesses and individuals to transact. “Postmates for Africa”, if you will.

2 years in, we realized that our total addressable market (TAM) was too thin. The traction of these platforms depends on a robust and moneyed middle class. Africa’s middle class was still too slim to make our unit economics work.   

The market that did seem massive was the gig worker market, which our initial platform relied on. Not only was there a large, growing number of them but many were in need of credit, especially to buy their vehicles. We pivoted and became a vehicle financing company. 

We gradually narrowed down on financing EVs, which eventually became our core focus. Today, we help gig workers buy EVs on credit, through a rent-to-own model (they own the vehicle at the end of their repayment cycle). 

How is MAX's product segmented today?