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MAX is a Zrosk Venture Portfolio Company that has embarked on building the largest vehicle subscription and financial services platform, for transport operators and drivers across Africa.
Co-Founded by Adetayo Bamiduro and Chinedu Azodoh whose project at MIT Sloan School of Business, birth ideas regarding gaps in the transportation industry in Africa, leading to the establishment of MAX. In this exclusive interview, Adetayo discloses details regarding MAX as a brand and its founder’s journey from ideation to investments. Enjoy.

About the Co-Founder and CEO of MAX.

Hi, I am Adetayo Bamiduro, the CEO & Co-Founder of MAX.
MAX is building the largest vehicle subscription and financial services platform for transport operators and drivers across Africa. MAX proprietary technology enables informal drivers with no banking history to access vehicles (including electric vehicles), insurance, digital wallets, and more on a subscription basis.

In Nigeria, our footprint cuts across Lagos, Ibadan, Akure, Abeokuta, Ekiti, Kano and Osogbo, and we are rapidly expanding into other African countries like Ghana and Egypt.

The big Idea Behind Max.

Chinedu Azodoh (my co-founder) and I came up with the idea that would one day grow into MAX as a result of an assignment we worked on, while attending MIT Sloan School of Business.
Through this project, we were able to identify a need in the informal transportation industry. Back home in Nigeria, there was no proper regulation for drivers, and there existed a real need for safety and proper training for these drivers. So, the two of us, backed by the faculty and great friends from around the world, returned home to test out a pilot.

From our humble start in 2015 with just 3 drivers and a whole lot of heart, we painstakingly grew the fleet to over a thousand by 2019, and today we have more than 10,000 vehicles on our books, including motorcycles, three-wheelers and cars, and spanning both electric vehicles and internal combustion engine ones.

The Eureka Moment for MAX.

From the onset, we were focused on solving the greatest pain points for independent commercial drivers. At first, we identified this as the scarcity of gigs, and so we started our business in the realms of last-mile delivery and ride-hailing.

However, we soon realized that the biggest need lay in the space of access to vehicles and driver services.

Choosing Partners and Teams.

We are recruiting a global, world-class team of high-performers, partners and investors.

Between our team, or board and advisory bodies we gather the perspectives of more than 15 different nationalities.

We have also emphasized bringing on board highly experienced investors, and are able to draw on a network of mentors spanning 3 continents. What they all have in common is a passion for Africa and its sustainable development.

Revenue model at MAX

At MAX, the goal is to transform the experience for independent commercial drivers.
We work towards providing them with all the resources they need on one platform. This includes accessing low to no emission vehicles, and access to the right support – complete vehicle licensing, round the clock support, health coverage and more.

From the onset, we knew that our target market were the low-income commercial drivers who have previously been excluded from financial services.

For this reason, we set out to build a model with ease of entry, and incentivize the drivers to make their repayments on time. We looked at existing practices in the market and deployed technology to make them better and more seamless.

Investments, and Developments at MAX

The commitment to the welfare of our Champions has led to phenomenal growth, and a boost of investor confidence in MAX.

To date, we have raised almost $70 million in debt and equity investment, and continue to work closely with our community of investors and supporters to unlock further growth.

Future Projections and Expectations for MAX

MAX is building the largest vehicle subscription platform in Africa for low to zero emission vehicles, and disrupting the transportation sector with the planet’s needs at the heart of our endeavors. This is typified with the launch of our electric vehicles, notably the M3 motorcycle, which is presently the most advanced electric motorcycle in Africa.

Over the course of the next 3 – 5 years, we plan to have 100,000 vehicles on the road across 10 African markets, 50% of which should be electric vehicles.

For more about MAX, explore their website by visiting: https://www.maxdrive.ai