Yuma Energy, a battery swapping network, has raised $35 million in its Series A funding round from Magna International Inc., one of the world’s largest automotive suppliers, it announced on Tuesday.
The funding will support the expansion of Yuma Energy’s battery swapping infrastructure across India. The company has delivered more than 60 million battery swaps using over 100,000 batteries across 2,500+ charging units and 400+ touch points in 18 cities, the company said in a statement.
The investment will support Yuma Energy’s next phase of growth, including expanding its battery swapping network, broadening its customer base across EV users, fleet and OEM partners, and advancing its goal of achieving EBITDA-positive operations by FY27, the statement added.
The company plans to further strengthen its infrastructure and technology platform to deliver energy solutions for riders, fleet operators and OEM partners.
“This investment is a strong vote of confidence in Yuma Energy’s mission to make battery swapping the backbone of electric mobility in India. Crossing 60 million swaps was a defining moment for us, and with Magna’s support, we’re accelerating our infrastructure rollout and deepening our partnerships with fleets & OEMs to make swapping the default choice for every electric two- and three-wheeler on Indian roads,” said Muthu Subramanian, MD & GM of Yuma Energy.
Through the investment, Yuma Energy and Magna will continue to work together to expand access to convenient and dependable energy infrastructure for India’s growing electric two- and three-wheeler ecosystem, the company said.
“Battery swapping plays an important role in making electric mobility more accessible, practical and scalable, particularly for high-utilization two- and three-wheelers,” said Matteo Del Sorbo, Yuma Energy Board Member and Group President at Magna.
