Yuma Energy Raises $35 Million from Magna International
Yuma Energy, a Bengaluru-based operator of a battery swapping network, secured $35 million in a Series A funding round from Magna International Inc., a major player among global automotive suppliers. On September 1, 2026, the declaration was made, highlighting a significant investment in India's electric vehicle infrastructure industry.
The firm intends to leverage the funds to expand its battery swapping network to more cities throughout India, diversify its clientele to incorporate a broader range of individual users, fleet operators, and original equipment manufacturer (OEM) collaborators, and enhance the foundational technology platform that oversees battery distribution and operational reliability across its network. Yuma Energy aims to achieve EBITDA-positive operations by the fiscal year 2027.
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Yuma Energy presently manages over 2,500 charging stations in more than 400 sites across 18 cities in India, with over 100,000 batteries installed throughout its network. The firm claims to have enabled more than 60 million battery swaps thus far, a number it considers a significant achievement in proving the commercial feasibility of the swapping model on a large scale.
Battery swapping offers an alternative to traditional EV charging, allowing a rider to replace a drained battery with a fully charged one at a specific station, usually within a few minutes. In contrast to plug-in charging, which may take 30 minutes to several hours based on the charger type, the swap model aims to reduce vehicle downtime. This renders it especially pertinent for electric two- and three-wheelers employed in high-frequency commercial uses, like last-mile delivery, ride-hailing, and cargo transport.
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The financial support is provided by Magna International, a Canadian auto parts manufacturer operating in over 25 countries. Magna produces a wide variety of vehicle parts and systems and has been increasing its presence in the global EV supply chain.
Before this investment, the company was already represented on the board of Yuma Energy, with Matteo Del Sorbo acting as a board member for Yuma and serving as Group President at Magna. Del Sorbo highlighted the company's operational history and its insight into the requirements of riders, fleet operators, and OEMs throughout India as reasons for the ongoing investment.
Muthu Subramanian, Managing Director and General Manager at Yuma Energy, stated that reaching the 60 million swap milestone was a pivotal event for the company and suggested that the new capital will focus on boosting infrastructure deployment and strengthening collaborations with fleet and OEM partners.
India's electric two- and three-wheeler sector has grown consistently in recent years, bolstered by incentive programs from central and state governments, increasing fuel prices, and a greater selection of EV models from local producers. Electric three-wheelers, specifically, have made significant inroads in the commercial passenger and cargo sectors. Nonetheless, obstacles to broader acceptance remain, such as worries regarding the accessibility of charging infrastructure, the expense of batteries, and range anxiety — issues that battery swapping networks seek to tackle directly by separating the battery from the vehicle sale and providing energy as a subscription or pay-per-use option.
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Many companies have adopted the swapping model in India, although this segment is still in its infancy compared to traditional charging. The Indian government has expressed backing for battery swapping through policy frameworks released by the Ministry of Power, aiming to create interoperability standards for swappable batteries.
Yuma Energy has not revealed its present valuation, the overall capital accumulated from all rounds thus far, or the exact markets it intends to penetrate in the upcoming stage of expansion.