Yuma Energy Raises $35 Mn to Expand Battery Swapping Network

Battery-swapping platform Yuma Energy has raised $35 million, or around ₹333 crore, in a Series A round from existing investor Magna International. The fresh capital will be used to expand its swapping network across India, strengthen its technology platform and serve a wider base of EV users, fleet operators and vehicle manufacturers.

Founded in 2023 as a joint venture between automotive supplier Magna and electric mobility company Yulu, Yuma is building battery-swapping infrastructure primarily for electric two- and three-wheelers. Magna initially invested $52 million for a controlling 51% stake, while Yulu contributed assets and intellectual property for the remaining 49%.

The company has already built considerable operating scale. Yuma currently runs more than 2,500 charging and swapping stations across 18 Indian cities, manages around one lakh batteries and says it has completed more than six crore battery swaps. The model allows riders to exchange depleted batteries for charged ones within minutes, reducing downtime compared with conventional plug-in charging.

With the new funding, Yuma plans to deepen partnerships with fleets and OEMs while expanding beyond its existing customer base. The company is also targeting EBITDA profitability by FY27, making the next phase as much about improving economics as building more physical infrastructure. Magna and Yuma will work together to scale the platform further across India’s electric two- and three-wheeler ecosystem.

The fundraise comes as battery swapping and EV charging infrastructure continue to attract investor capital. Companies such as Battery Smart, Exponent Energy and Statiq have also raised sizeable rounds as India works to solve the charging-access problem accompanying rising EV adoption. For Yuma, crossing six crore swaps suggests that battery swapping is moving beyond pilot-stage infrastructure. The next challenge will be turning that usage into a broader, profitable network that fleets, OEMs and everyday EV riders can depend on at scale.