Yuma Energy raises $35M to expand battery swapping in India

Sixty million battery swaps have already passed through Yuma Energy’s network in India. The company has now raised $35 million in a Series A led by Magna International, giving its expansion plans more capital as it builds around the country’s electric two- and three-wheeler market.

Yuma, co-founded by Yulu and Magna, says it has deployed 100,000 batteries across more than 2,500 charging units and 400 touchpoints in 18 cities. The company describes the network as an answer to the needs of riders and fleets that use electric vehicles intensively, while offering a platform for manufacturers to work with.

The new funding will primarily support additional battery-swapping infrastructure. Yuma also plans to strengthen its technology platform and widen its customer base to include more electric-vehicle users, fleet operators and OEMs — original equipment manufacturers, such as vehicle makers.

And so what, concretely? For the people and businesses Yuma is targeting, the investment is meant to put more swapping capacity within reach, especially for high-utilization two- and three-wheelers. That could make electric mobility more practical for fleets and riders who depend on dependable access to energy, although the company has not provided a city-by-city rollout schedule.

Yuma is targeting EBITDA-positive operations by FY27. EBITDA means earnings before interest, taxes, depreciation and amortization. That is a financial goal, not evidence that the expanded network has already reached profitability; the operating figures and forecasts remain company claims. Yuma Energy board member and Magna Group President Matteo Del Sorbo said the companies would continue working to expand access across India’s electric two- and three-wheeler ecosystem.