The clean energy investor announced the transaction on October 12 without disclosing its individual contribution.

The funding will help MAX deploy additional electric two-wheelers through manufacturing partners Spiro and NOVR and expand its energy network in existing and new markets.

Financing vehicles alongside charging infrastructure supports the company’s commercial transport model, which depends on drivers having access to both income-generating assets and reliable energy.

Founded in 2015 and headquartered in Lagos, MAX operates across 20 cities in West and Central Africa.

Its platform combines vehicle and battery partnerships, digital payments, financing and connected fleet management. Commercial operators pay a daily subscription with no upfront cost to access vehicles, insurance, maintenance, training and other support services.

“MAX is building a scalable platform for cleaner and more affordable mobility across Africa,” said Raghav Sachdeva, Nithio’s chief investment officer.

The investment follows MAX’s announcement in January that it had raised $24 million through a combination of equity and debt to expand electric vehicle financing and clean transport infrastructure.

At the time, the company reported reaching profitability in Nigeria, its largest market, as it shifted its business toward electric mobility.

Nithio has also financed one of MAX’s vehicle partners. In January, its Facility for Adaptation, Inclusion and Resilience closed a $7 million senior debt working capital facility with Spiro to support electric motorcycle deployment, battery-swapping infrastructure and operating capital. That transaction marked Nithio’s first direct investment in electric mobility.

Together, the transactions show Nithio directing capital toward both vehicle suppliers and the platforms that finance and support commercial drivers.

For MAX, the latest financing connects fleet expansion with the energy infrastructure and services needed to keep those vehicles operating, placing everyday transport economics at the center of its growth strategy.