Yuma Energy, India’s fastest-growing battery swapping network, has raised $35 million in Series A funding from Magna International Inc., one of the world’s largest automotive suppliers. The funding will support the expansion of Yuma Energy’s battery swapping infrastructure across India as the company builds on its momentum of delivering over 60 million battery swaps across its network, powered by more than 100,000 batteries across 2,500+ charging units in 400+ touchpoints across 18 cities.
The investment will support Yuma Energy’s next phase of growth — expanding its battery swapping network nationally, broadening its customer base across riders, fleet operators, and OEM partners, and advancing towards EBITDA-positive operations by FY27.
Mr. Muthu Subramanian, MD and GM, Yuma Energy, said, “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 are accelerating our infrastructure rollout and deepening our partnerships with fleets and OEMs to make swapping the default choice for every electric two and three-wheeler on Indian roads.”
Mr. Matteo Del Sorbo, Yuma Energy Board Member and Group President, Magna, said, “Battery swapping plays an important role in making electric mobility more accessible, practical and scalable, particularly for high-utilisation two- and three-wheelers. Yuma Energy has demonstrated strong execution, operational excellence and a deep understanding of the needs of riders, fleet operators and OEMs across India. We are pleased to support the company’s next phase of growth.”
The partnership between Yuma Energy and Magna will focus on expanding access to convenient, dependable energy infrastructure for India’s rapidly growing electric two- and three-wheeler ecosystem.
