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MAX.ng source 7M USD for EVs Okada and expansion


The 2015 established ride hail and on demand transport tech company MAX.ng has secured a 7 million USD series A funding rounds from Novaster ventures in collaboration with Yamaha, a Japanese manufacturer of two wheel vehicles popularly known as Okada in Nigeria.

The funding rounds increased to 9 million USD when additional funding from Energy Ventures, Zrosk Investment Management and Alitheia Capital are added.

MAX is known as a pioneer delivery partner for Jumia in most part of West Africa. The Ride-hail platform had from time uses Yamaha Motorcycle, also called power bike in this part and Bajaj Pulsar two wheel vehicles to move people and parcels from one place to another. It charges its users by the voyage travelled and as determined by its mobile application on smartphones.



 It’s CFO Guy-Bertrand Njoya, Cofounder Adetayo Bamiduro and Chinedu Azodah explain the purpose of the fund. The company plans expansion to other part of Africa, especially West and East Africa. It will use the series A fund to expand in ten major cities in Ghana, Ivory Coast and other West Africa countries.

The firm plans to increase its vehicle classification to include tricycles and watercrafts. It also plans to improve the payment infrastructure used for payment of voyage through the smart local software developers working with MAX.ng.

The start-up will introduce Electric Vehicles, EVs, to two wheel vehicles in Africa. However, Yamaha may not be part of it. According to Njoya, MAX is partnering with EV manufacturers and Off-Grid service companies in the country to establish Charging stations for EVs motorcycles.

When accomplished, the company will be the first to achieve such a milestone in Africa. Thereby making Nigeria and of course, Africa known as the first to deploy such technology on motorcycles. More to this, periods of petrol scarcity may not obstruct movement of its drivers.

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MAX.ng is not the only Ride hailing company in Nigeria. Uber, Bolt (formerly known as Taxify), Gokada, ORide, among others are part of the competition in this 4 billion USD worth transport tech economy in the world. While Bolt and Uber focuses on Four wheeled vehicles, in Nigeria; MAX, ORide and Gokada are on motorcycles.

Recently, Gokada raises  5.3 million USD and had launches GBoat, an on demand water transport in partnership with Lagos Boat. However, MAX.ng EVs' model may place the company in a better putting with other Ride hailing startup.

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