Yuma, an Indian battery-as-a-service (BaaS) and EV energy infrastructure company, announced on Monday that it has completed 50 million battery swaps since it began operations in February 2023. The company said 25 million of those swaps were carried out in the last 15 months alone — a rate of growth it described as making it the fastest-growing BaaS provider in the country.
The announcement marks a notable acceleration in the company's operational trajectory. Reaching the first 25 million swaps took Yuma roughly two years; reaching the next 25 million took just over a year. The company said this trend reflects growing reliance on its network from fleet operators and delivery partners who depend on consistent vehicle uptime to run their operations.
Battery swapping is a model in which electric vehicle riders exchange a depleted battery for a charged one at a network station, rather than waiting for a vehicle to recharge on-site. The approach has gained traction in India's two- and three-wheeler segment, particularly among delivery fleets and last-mile logistics operators where vehicle downtime has a direct impact on daily earnings. Unlike conventional charging, which can take anywhere from 30 minutes to several hours depending on the technology, a swap can be completed in a matter of minutes.
Muthu Subramanian, General Manager and Managing Director at Yuma, said the milestone reflected both the company's growth and a wider shift in how India's EV sector approaches energy infrastructure. "Reaching the 50-million swap mark in only three years demonstrates not only Yuma's rapid growth, but the trust of thousands of EV users and fleet partners — and the pace at which India is embracing battery swapping as a practical, efficient, and scalable energy solution," he said in a statement.
The company cited several operational factors it says have driven adoption: a claimed 99.9% network uptime, swap times measured in minutes, and integrations with multiple EV manufacturers that it says enable broad vehicle compatibility and reduce deployment timelines for fleet operators. Yuma also said its safety standards and operational processes have contributed to building long-term relationships with original equipment manufacturers, fleet operators, and public-sector partners.
On the infrastructure side, Yuma said it has built strategic collaborations with both public and private entities that have enabled denser coverage in urban areas and supported continued network expansion. The company did not disclose specific figures on the number of active swap stations or the cities currently served.
Battery-as-a-service has been positioned by several companies and policymakers as a way to reduce the upfront cost of electric vehicles by separating battery ownership from vehicle ownership — a significant factor in markets where battery costs can account for a third to half of a vehicle's total price. India's NITI Aayog and the Bureau of Energy Efficiency have previously outlined policy frameworks encouraging standardised swappable batteries, particularly for two- and three-wheelers. Several state governments have also included swap infrastructure in their EV policies, offering incentives to operators who set up swap stations.
Despite the policy support, the BaaS segment in India remains competitive. Several companies, including Sun Mobility and Battery Smart, have been expanding their own networks, and questions around battery standardisation across manufacturers continue to be a point of discussion in the industry. Interoperability — the ability for one swap station to service batteries from multiple vehicle brands — remains an ongoing technical and commercial challenge for the sector as a whole.
Yuma said its focus going forward would be on expanding network density, improving interoperability across vehicle types, and sustaining operational performance as EV adoption in India continues to grow. The company framed the 50-million swap figure not as an endpoint, but as an indicator of the scale it believes the market is heading toward as more fleet operators transition away from petrol-powered vehicles.