Yuma Energy raises $35M in Series A from Magna International
Yuma Energy said it will primarily utilise this capital for the expansion of its battery as a service network across the country.
Yuma Energy, a battery-swapping venture co-founded by Yulu and Magna International, has raised $35 million in a Series A funding round led by Magna International, the global automotive supplier.
The company said it will use the funds primarily to expand its battery-swapping infrastructure across India. Yuma Energy has completed 60 million battery swaps to date, with 100,000 batteries deployed across more than 2,500 charging units and 400 touchpoints in 18 cities.
The startup plans to scale its battery-swapping network and broaden its customer base to include a wider range of EV users, fleet operators, and OEM partners. It is also targeting EBITDA-positive operations by FY27, according to a company statement.
"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 for us, and with Magna's support, we're accelerating our infrastructure rollout,” said Muthu Subramanian, MD & GM of Yuma Energy.
Yuma Energy will also invest in strengthening its infrastructure and technology platform to meet growing market demand.
The company said Yuma Energy and Magna will continue to work together to expand access to convenient and reliable energy infrastructure for India’s rapidly growing electric two- and three-wheeler ecosystem.
"Battery swapping plays an important role in making electric mobility more accessible, practical and scalable, particularly for high-utilization two- and three-wheelers. Yuma Energy has demonstrated strong execution, operational excellence and a deep understanding of the needs of riders, fleet operators and OEMs across India,” said Matteo Del Sorbo, Yuma Energy Board Member and Group President at Magna.
Magna International is a Canada headquartered automotive parts supplier with a global presence. Yulu had recently raised $93 million in funding led by GEF Capital.