Yuma Energy

About Yuma Energy

Yuma Energy operates as a joint venture between automotive supplier Magna and Indian micro-mobility service provider Yulu, establishing itself in the Energy-as-a-Service (EaaS) market. Launched in early 2023, the Bengaluru-based company provides a Battery-as-a-Service (BaaS) platform focused on the electric two-wheeler segment in India. Magna holds a 51% controlling interest, secured through a $52 million cash investment, while Yulu contributed assets and intellectual property for the remaining 49% stake.

The company's business model centers on a network of battery swapping stations designed to address range anxiety and reduce operational costs for electric vehicle owners. These stations, initially supporting Yulu's own fleet, are also available to other original equipment manufacturers (OEMs) and mobility operators. Users can exchange depleted batteries for fully charged ones in about a minute, ensuring minimal downtime. Revenue is generated through this swapping service, which provides a cost-effective and dependable energy solution for drivers and fleet operators. The network began with 85 stations and has since expanded significantly across major Indian cities, including Bangalore, Mumbai, and Delhi.

Under the leadership of Managing Director and General Manager Muthu Subramanian, a veteran with 17 years of experience at Magna, Yuma is focused on strategic growth and operational excellence. Subramanian's background in engineering and product strategy, including his work on autonomous delivery robots, informs the company's direction. In a strategic move to vertically integrate its operations, Yuma acquired Grinntech Motors & Services in February 2025. This acquisition brings in-house expertise in battery design, R&D, and manufacturing, allowing Yuma to control the entire BaaS ecosystem, from battery management systems to the customer-facing app.

Yuma's service is built on an AI-powered technology stack, which includes intelligent charging units and a data science platform for demand forecasting and asset tracking. This technological infrastructure is designed to ensure high battery availability and service reliability. The company's offerings cater primarily to the last-mile delivery and shared mobility sectors, where vehicle uptime is critical. By providing a scalable and efficient energy solution, Yuma aims to remove key barriers to EV adoption, such as high upfront costs and charging delays.