Yuma Energy, an Indian battery-swapping company focused on electric two- and three-wheelers, has raised $35 million in a Series A funding round led by global automotive supplier Magna International. The Bengaluru-based company plans to use the fresh capital primarily to expand its battery-as-a-service network and strengthen its technology and infrastructure across India. The investment comes as demand for electric mobility solutions continues to grow among commercial riders, fleet operators, and vehicle manufacturers.
Expanding Battery-Swapping Infrastructure
Yuma Energy currently operates more than 400 battery-swapping touchpoints equipped with over 2,500 charging units across 18 Indian cities. The company has deployed approximately 100,000 batteries and says its network has completed more than 60 million battery swaps since operations began. With the Series A capital, Yuma intends to increase the reach and capacity of this infrastructure to support a larger number of electric vehicles.
The company is positioning battery swapping as an alternative to conventional charging for high-utilization electric two- and three-wheelers. Instead of keeping vehicles parked for extended charging periods, users can replace depleted batteries with charged units at Yuma's network of stations. This model is particularly relevant for commercial riders and fleet operators whose economics depend heavily on minimizing vehicle downtime.
Building a Broader EV Customer Base
Alongside network expansion, Yuma Energy plans to broaden its customer base beyond its existing users and strengthen relationships with fleet operators and electric vehicle manufacturers. The company has developed its infrastructure to serve multiple types of EV users while supporting the wider adoption of standardized battery-swapping services. Its expansion strategy is designed to increase accessibility to reliable energy infrastructure as India's electric mobility market develops.
Yuma Energy was created through a partnership between Indian electric mobility company Yulu and Magna International, combining experience in shared electric mobility with automotive engineering and manufacturing expertise. Magna has supported the battery-swapping venture since its formation and is now providing additional capital through the Series A round. The latest investment further strengthens the relationship between the companies as they work to scale energy infrastructure for electric mobility.
Strengthening Technology and Operations
Yuma Energy also plans to invest part of the new funding in its technology platform and supporting infrastructure to accommodate growing demand. The company designs its network around managing batteries, charging equipment, and swapping operations as an integrated energy service for electric vehicles. Strengthening these systems is expected to help the business support additional riders, fleets, and original equipment manufacturers as adoption increases.
Managing Director and General Manager Muthu Subramanian described the investment as a significant endorsement of Yuma Energy's strategy to make battery swapping an important part of India's electric mobility infrastructure. He said the company's milestone of completing 60 million swaps demonstrates the scale its network has already achieved, while Magna's backing will help accelerate further infrastructure deployment. Yuma Energy is also targeting EBITDA-positive operations by fiscal year 2027 as it continues scaling the business.
Magna Backs Scalable Electric Mobility
Magna views battery swapping as a practical solution for electric vehicles that operate frequently throughout the day, particularly two- and three-wheelers. Matteo Del Sorbo, a Yuma Energy board member and Group President at Magna, highlighted the company's execution, operational capabilities, and understanding of riders, fleets, and vehicle manufacturers. He said battery-swapping infrastructure could help make electric mobility more accessible and scalable for vehicles with high utilization rates.
The funding also reflects broader investment in infrastructure required to support India's expanding electric vehicle ecosystem. Reliable access to charged batteries can reduce operational friction for businesses adopting electric vehicles while allowing fleets to keep vehicles in service for longer periods. Yuma and Magna plan to continue working together to expand access to this infrastructure across the country's electric mobility market.
Yuma Energy's $35 million Series A provides additional capital to scale a battery-swapping network that has already reached 60 million completed swaps across India. The company will focus on expanding infrastructure, improving its technology platform, and serving a wider range of electric vehicle users, fleets, and manufacturing partners. With Magna increasing its financial support, Yuma is aiming to establish battery swapping as a larger component of India's growing electric two- and three-wheeler ecosystem.