Yuma Energy Raises $35 Million from Magna International to Expand Battery Swapping Network

Yuma Energy, a battery swapping network operator based in Bengaluru, has raised $35 million in a Series A funding round from Magna International Inc., one of the world's largest automotive suppliers. The announcement was made on September 1, 2026, marking a notable capital infusion into India's electric vehicle infrastructure sector.

The company plans to use the capital to extend its battery swapping network to additional cities across India, broaden its customer base to include a wider mix of individual riders, fleet operators, and original equipment manufacturer (OEM) partners, and strengthen the underlying technology platform that manages battery distribution and uptime across its network. Yuma Energy has also set a target of reaching EBITDA-positive operations by financial year 2027.

Yuma Energy's Battery Swapping Network by the Numbers

Yuma Energy currently operates more than 2,500 charging units across over 400 locations in 18 Indian cities, with more than 100,000 batteries deployed across its network. The company reports having facilitated over 60 million battery swaps to date, a figure it has cited as a milestone in demonstrating the commercial viability of the swapping model at scale.

How EV Battery Swapping Works

Battery swapping is an alternative to conventional EV charging in which a rider exchanges a depleted battery for a pre-charged one at a dedicated station, typically in a matter of minutes. Unlike plug-in charging, which can take anywhere from 30 minutes to several hours depending on the charger type, the swap model is designed to minimize vehicle downtime. This makes it particularly relevant for electric two- and three-wheelers used in high-frequency commercial applications, such as last-mile delivery, ride-hailing, and goods transport.

Magna International's Investment and Board Role

The funding comes from Magna International, a Canadian automotive supplier with operations spanning more than 25 countries. Magna manufactures a broad range of vehicle components and systems and has been expanding its footprint in the EV supply chain globally.

The company already had a presence on Yuma Energy's board prior to this investment, with Matteo Del Sorbo serving as both a Yuma board member and Group President at Magna. Del Sorbo pointed to the company's operational track record and its understanding of the needs of riders, fleet operators, and OEMs across India as factors behind the continued investment.

Yuma Energy on the Funding and Road Ahead

Muthu Subramanian, Managing Director and General Manager of Yuma Energy, said the 60 million swap milestone was a defining moment for the company and indicated that the new capital would be directed toward accelerating infrastructure deployment and deepening partnerships with fleet and OEM partners.

India's EV Two- and Three-Wheeler Market Landscape

India's electric two- and three-wheeler market has expanded steadily in recent years, supported by central and state government incentive schemes, rising fuel costs, and increased availability of EV models from domestic manufacturers. Electric three-wheelers, in particular, have achieved notable penetration in the commercial passenger and cargo segments. However, barriers to wider adoption persist, including concerns around charging infrastructure availability, battery cost, and range anxiety — challenges that battery swapping networks aim to directly address by decoupling the battery from the vehicle purchase and offering energy as a subscription or pay-per-use service.

Several companies have pursued the swapping model in India, though the segment remains at an early stage compared to conventional charging. The Indian government has also signaled support for battery swapping through policy frameworks issued by the Ministry of Power, which have sought to establish interoperability standards for swappable batteries.

Yuma Energy did not disclose its current valuation, the total capital raised across all rounds to date, or the specific markets it plans to enter in the next phase of expansion.