Yuma Energy raises $35 million from Magna for battery-swap expansion

BENGALURU: Battery-swapping provider Yuma Energy has raised $35 million from existing backer Magna International to expand its network across India.The company plans to enter new markets, add infrastructure and serve a wider mix of individual EV users, fleet operators and vehicle manufacturers. It is also targeting Ebitda-positive operations in FY27. Yuma did not disclose its valuation or other terms of the transaction.Yuma said it has completed more than 60 million battery swaps. Its network comprises over 100,000 batteries and 2,500 charging units spread across more than 400 touch points in 18 cities.“Crossing 60 million swaps was a defining moment for us,” said Muthu Subramanian, managing director and general manager of Yuma Energy. He added that the company would use Magna’s support to accelerate its infrastructure rollout and deepen partnerships with fleets and original equipment manufacturers.Battery swapping allows an EV user to exchange a depleted battery for a charged one instead of waiting for it to recharge. The model is particularly relevant for electric two- and three-wheelers used by delivery workers and commercial fleets, where charging downtime can affect daily earnings and vehicle utilisation.Yuma was launched in February 2023 as a joint venture between global automotive supplier Magna and shared electric-mobility company Yulu. Its network initially supported Yulu’s fleet but was also designed to serve other EV makers and mobility operators.Magna’s regulatory filings previously showed that it held a 51% controlling interest in the battery-swapping entity after contributing $52 million, while Yulu held the remaining 49% in exchange for assets and intellectual property. Yuma did not say whether the latest investment would alter that ownership structure.The company has also been adding capabilities beyond operating swapping stations. In February 2025, it acquired Chennai-based battery technology startup Grinntech to strengthen its battery design, research and manufacturing operations.Get the latest Business News and Live updates. Download the TOI app.