Yuma Energy Raises $35 Mn From Magna International Inc

Battery swapping network provider Yuma Energy on Tuesday said it has raised $35 million (around ₹330 crore) funding from automotive supplier Magna International Inc.

The fresh capital will support the expansion of Yuma Energy's battery swapping infrastructure across India as the company builds on the momentum, it said in a statement.

Yuma also said it is set to deliver more than 60 million battery swaps across its network, powered by over 100,000 batteries on ground across 2,500+ charging units in more than 400 touch points in 18 cities.

The investment will support the company's next phase of growth, including expanding its battery swapping network across India, broadening its customer base to serve a wider mix of EV users, fleet and OEM partners, and advancing toward its goal of achieving EBITDA-positive operations by FY27.

"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, Managing Director and General Manager at Yuma Energy.

Battery swapping plays an important role in making electric mobility more accessible, practical and scalable, particularly for high-utilization two- and three-wheelers, he said.

Through this investment, Yuma Energy and Magna will continue working together to expand access to convenient, dependable energy infrastructure for India's rapidly growing electric two- and three-wheeler ecosystem, the statement said.