Yuma Energy, a Bengaluru-based battery-swapping network provider, has raised $35 million in Series A funding from Magna International. The fresh capital will support the company’s next phase of expansion as it looks to strengthen battery-swapping infrastructure and support the growing adoption of electric two- and three-wheelers across India.
Yuma Energy plans to use the investment to expand its battery fleet, increase network capacity, deepen its presence in existing markets and enter new cities. Chennai and Pune are among the markets the company plans to enter in the coming quarters. The company also aims to broaden its customer base by working with more EV users, fleet operators and original equipment manufacturers (OEMs).
The company has already built a sizeable battery-swapping network in India. Yuma currently has more than 100,000 batteries deployed across 2,500-plus charging and swapping units and more than 400 touch points in 18 cities. Its network has completed more than 60 million battery swaps to date, highlighting the scale of its operations in the electric mobility ecosystem.
Yuma’s expansion is focused particularly on electric two- and three-wheelers, where reducing charging downtime can be important for commercial and high-utilisation applications. The company is also working to diversify beyond its anchor customer, Yulu, by increasing its partnerships with other fleet operators and vehicle manufacturers. Customers other than Yulu currently contribute around 15% to 20% of Yuma’s swaps, according to company management.
Alongside expanding its physical network, Yuma is focusing on improving battery availability and network utilisation. The company has integrated its battery-swapping system with more than 10 vehicle platforms and serves multiple fleet customers. By increasing network density in markets where demand is already strong, Yuma aims to improve infrastructure utilisation while supporting faster battery access for EV users.
With the latest funding, Yuma Energy is looking to scale battery swapping as an important part of India’s EV infrastructure. The company plans to increase its battery fleet and network footprint while expanding its customer and OEM partnerships. Yuma is also targeting network-wide EBITDA-positive operations by FY27 as it works toward sustainable growth in India’s electric mobility market.
