Yuma Energy raises $35M Series A from Magna to scale battery swapping
What's the deal? Bengaluru-based battery swapping startup Yuma EnergyDealroom has a profile for this one. Try Dealroom → has raised $35 million (₹333 crore) in a Series A round from existing backer and Canadian automotive giant Magna InternationalDealroom has a profile for this one. Try Dealroom →. The startup will use the proceeds to expand its swapping network across India, broaden its customer base, and strengthen its tech platform.
What's the endgame? Founded in 2023 as a joint venture between Magna and electric mobility platform Yulu, Yuma provides battery swapping infrastructure for EVs. It operates more than 2,500 charging stations across 18 Indian cities and claims over 6 crore swaps to date.
By the numbers: The raise ranks among the largest in its class — above the 96th percentile of all-time Series A energy rounds in India. As part of the deal, Yuma and Magna will work together to scale the startup's presence in the electric two- and three-wheeler market.
In their words: "Crossing 6 crore 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," said managing director Muthu Subramanian.
What's next? Yuma plans to serve a wider mix of EV users, fleet operators, and original equipment manufacturers (OEMs). It is also targeting EBITDA-profitability by FY27.
What could go wrong? Despite rising EV registrations, India's inadequate charging infrastructure remains a major hurdle for the sector.
The signal: Investors keep backing EV infrastructure to close that gap. EV charging startup Statiq raised $18 million in July, while Exponent Energy bagged ₹200 crore in June. With India's EV market projected to be a $132 billion opportunity by 2030, Yuma's raise suggests battery swapping is becoming a scalable business.
Image credit: Yuma Energy
