Battery swapping network Yuma Energy has raised $35 million in Series A funding from Magna International, as the company looks to expand its battery swapping infrastructure across India and work towards achieving EBITDA-positive operations by FY27.
The investment will support Yuma Energy’s next phase of growth, including expanding its network, broadening its customer base across EV users, fleets and OEM partners, and strengthening its infrastructure and technology platform, said the company.
Yuma Energy has completed more than 60 million battery swaps across its network, which is powered by over 100,000 batteries on the ground, more than 2,500 charging units and 400-plus touch points across 18 cities.
Yuma Energy and Magna will also work together to deepen partnerships with fleet operators and OEMs and expand access to reliable, high-uptime battery swapping infrastructure.
“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, and 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, MD & GM, Yuma Energy.