Yuma Energy, a battery swapping company co-founded by Yulu and Magna International, has raised $35 million in a Series A funding round. Magna International, a global automotive components supplier, led this round.
According to the company's statement, the funds will be primarily used to expand the battery swapping infrastructure across India. To date, Yuma Energy has conducted 60 million battery swap operations, deploying 100,000 batteries across more than 2,500 charging stations and 400 contact points in 18 cities.
The startup aims to scale its battery swapping network and increase its customer base to cover a wider range of electric vehicle users, fleet operators, and Original Equipment Manufacturer (OEM) partners. Furthermore, the company plans to achieve positive EBITDA by the 2027 fiscal year, as stated in the official announcement.
Mutu Subramanian, Director and General Manager of Yuma Energy, noted: 'These investments are a strong expression of confidence in Yuma Energy's mission—to make battery swapping the foundation of electric mobility in India. Crossing the 60 million swaps milestone has been a defining moment for us, and with Magna's support, we are accelerating our infrastructure deployment.'
Yuma Energy also plans to invest in strengthening its technology platform and infrastructure to meet growing market demand. The company emphasized that Yuma Energy and Magna will continue to collaborate to ensure convenient and reliable energy infrastructure for the rapidly growing two- and three-wheeler electric transport ecosystem in India.
Matteo Del Sorbo, a member of Yuma Energy's board of directors and group president at Magna, stated: 'Battery swapping plays a vital role in enhancing the accessibility, practicality, and scalability of electric mobility, especially for high-load two- and three-wheeled vehicles. Yuma Energy has demonstrated strong execution, operational excellence, and a deep understanding of the needs of drivers, fleet operators, and OEMs across India.'
Magna International is a Canadian-headquartered automotive components supplier with a global presence. Previously, Yulu raised $93 million in funding led by GEF Capital.