Nigerian Startup MAX Hits Profit, Raises $24M for EVs

A Nigerian startup is proving that electric vehicles can thrive in Africa while turning a profit and attracting millions in new investment.

Metro Africa Xpress (MAX) just closed a $24 million funding round after achieving profitability in Nigeria, marking a major win for clean transportation on the continent. The mobility financing company plans to use the capital to expand electric vehicle access across West and Central Africa.

"Profitability in Nigeria proves that electric mobility in Africa is not a future concept," said CEO Adetayo Bamiduro. "It is viable, scalable, and investable today."

The funding came from investors including Equitane DMCC, Novastar, and Endeavor Catalyst, plus development finance partners like the Energy Entrepreneurs Growth Fund. MAX's success arrives just one year after the company made a bold pivot to focus entirely on electric vehicle financing.

That shift required tough choices, including reducing staff by 30% and cutting unprofitable business lines. But the restructuring worked, positioning MAX to lead Africa's growing EV market.

The company's secret lies in its pay-as-you-go model that prioritizes steady cash flow over rapid expansion. Since 2019, MAX has deployed over $56 million in fleet financing and recovered $44 million in repayments from drivers who use the vehicles for commercial transportation.

MAX partners with manufacturers like Yamaha, Hero, and Spiro to source vehicles built for African road conditions. By reducing dependence on expensive imports and building local manufacturing capacity, the company keeps costs manageable for drivers.

The Ripple Effect

MAX's achievement comes as electric mobility gains real momentum across Africa. Nigeria alone now has about 20,000 EVs on the road, with the market projected to grow 30% annually.

Falling battery prices combined with unpredictable fuel costs are making electric vehicles the smarter financial choice for commercial drivers. What started as an environmental goal is becoming an economic advantage.

Founded in 2015 as a delivery service, MAX has evolved through ride-hailing and vehicle financing to reach this breakthrough moment. The company has now raised $87 million total to build what Bamiduro calls "a truly pan-African mobility platform that expands access, lowers costs, and delivers durable impact."

Thousands of drivers across West Africa will soon have access to cleaner, cheaper transportation that pays for itself.