Yuma Energy Bags $35 Mn To Expand Its Battery Swapping Network

Battery swapping platform Yuma Energy has raised $35 Mn (₹333 Cr) in its Series A funding round from existing backer and Canada-based automotive giant Magna International. 

The startup plans to use the fresh proceeds to expand its battery swapping network across India, broaden its customer base and strengthen its tech platform. As part of the deal, Yuma Energy and Magna will also work together to scale the former’s presence in the electric two- and three-wheeler ecosystem.

“… Crossing 6 Cr swaps was a defining moment for us, and with Magna’s support, we’re accelerating our infrastructure rollout and deepening our partnerships with fleets and OEMs (original equipment manufacturers) to make swapping the default choice for every electric two and three-wheeler on Indian roads.” said Yuma managing director Muthu Subramanian.

Founded in 2023 as a joint venture (JV) between Magna and electric mobility platform Yulu Energy, Yuma Energy offers battery swapping infrastructure and services for electric vehicles (EVs). While Yulu then contributed certain assets and intellectual property for a 49% stake, Magna infused $52 Mn in the startup for a controlling 51% stake in the JV.

Yuma Energy operates more than 2,500 charging stations across 18 Indian cities. It also claims to have accumulated 1 Lakh batteries and delivered more than 6 Cr battery swaps so far. 

Going forward, the startup said that it plans to broaden its customer base to serve a wider mix of EV users, fleet operators and OEMs. It is also eyeing EBITDA-profitability by FY27. 

Yuma operates in the growing Indian battery swapping market, which is being driven by novel products, need for convenience and substantial capital subsidies from the government. However, despite rising EV registrations, the lack of adequate charging infrastructure across the country remains a major hurdle. 

To fill this gap, EV charging and infrastructure ventures continue to attract healthy interest from investors. In July, EV charging startup Statiq raised $18 Mn, via a mix of equity and debt, in a round led by Tenacity Ventures.

Prior to this in June, EV charging startup Exponent Energy also bagged ₹200 Cr in a round co-led by 360 ONE Asset and TDK Ventures. Earlier last month, reports also surfaced that battery swapping startup Battery Smart was looking to list on the bourses, with plans to file the DRHP by October.

At the heart of all this is the Indian EV market, which is projected to become a $132 Bn opportunity by 2030. 

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