Yuma Energy Secures $35 Million for Battery Swapping Network Expansion
Battery swapping platform Yuma Energy has raised $35 million in Series A funding to expand its network across India.
Yuma Energy, an Indian battery swapping platform, has secured $35 million (approximately ₹333 crore) in its Series A funding round. The investment was led by existing backer Magna International, a Canadian automotive giant.
The company plans to utilize the new capital to expand its battery swapping network throughout India, grow its customer base, and enhance its technology platform. In conjunction with Magna, Yuma Energy will also focus on scaling its presence in the electric two- and three-wheeler ecosystem.
Established in 2023 as a joint venture between Magna and electric mobility platform Yulu Energy, Yuma Energy provides battery swapping infrastructure and services for electric vehicles. The company currently operates over 2,500 swapping stations across 18 Indian cities and has completed more than 60 million swaps.
Yuma Energy aims to achieve EBITDA profitability by FY27. The Indian EV market, projected to reach $132 billion by 2030, presents significant growth opportunities, though the lack of charging infrastructure remains a key challenge.