Yuma Energy secured $35 million in a Series A funding round led by Magna International to expand its battery swapping network across India, the company announced this week. The fresh capital will be used to add batteries to its existing infrastructure and enter new cities, aiming for EBITDA break-even by fiscal year 2027, according to livemint.com.
Founded in 2023 as a joint venture between Magna and electric mobility platform Yulu Energy, Yuma Energy operates over 2,500 charging stations in 18 Indian cities. Magna holds a 51% controlling stake after investing $52 million initially, while Yulu owns 49%. The startup has delivered more than 6 crore battery swaps and accumulated 100,000 batteries so far, inc42.com reported. Managing director Muthu Subramanian highlighted the milestone of crossing 6 crore swaps and emphasized plans to deepen partnerships with fleets and OEMs to make battery swapping the preferred choice for electric two- and three-wheelers.
The funding round underscores the growing demand for electric vehicle infrastructure in India, particularly for two- and three-wheelers, which dominate the country's EV market. Yuma Energy's network expansion aligns with the broader push to accelerate EV adoption and reduce charging times compared to traditional plug-in methods. Magna's involvement reflects the strategic interest of global automotive players in India's EV ecosystem, as Yuma Energy competes with other battery swapping and charging startups aiming to scale rapidly.
Yuma Energy plans to increase its network in the National Capital Region by 50–100% over the next 12 months, according to livemint.com. The company targets reaching EBITDA break-even by fiscal year 2027, marking a critical financial milestone for its growth trajectory.