Yuma Energy Raises $35 Million in Series A to Accelerate Battery-Swapping Network Expansion Across India

Yuma Energy, the battery-swapping venture co-founded by Yulu and Magna International, has raised $35 million in Series A funding, led by Magna International, marking a major step toward its mission to build a scalable battery-as-a-service ecosystem for India’s rapidly growing electric mobility market.

The newly raised capital will primarily be deployed toward expanding Yuma Energy’s battery-swapping infrastructure across the country. The company aims to strengthen its network and make battery swapping more accessible to EV users, fleet operators, and electric vehicle OEM partners, helping address one of the key challenges in EV adoption: convenient and efficient energy replenishment.

Yuma Energy has already established a strong presence in India’s EV ecosystem. The company has completed more than 60 million battery swaps, with approximately 100,000 batteries deployed across 2,500+ charging units and 400 touchpoints spanning 18 cities.

Its battery-as-a-service model enables EV users and commercial fleets to exchange depleted batteries for charged ones, significantly reducing vehicle downtime compared with conventional charging. This model can be particularly valuable for high-utilisation electric two-wheelers and fleet businesses, where vehicle availability directly impacts operational efficiency and economics.

With the latest funding, Yuma plans to significantly expand its network while continuing to invest in its technology platform and infrastructure. The company’s strategy is focused on creating a larger, interoperable battery-swapping ecosystem that can support the evolving requirements of EV manufacturers, mobility companies and fleet operators.

The funding also comes as India’s electric mobility ecosystem continues to mature, with increasing demand for solutions that can make EV ownership and commercial operations more convenient. Battery swapping can play an important role in this transition by reducing charging downtime and enabling more flexible energy access.

Alongside its expansion plans, Yuma Energy is targeting EBITDA-positive operations by FY27. Achieving this milestone will require the company to balance rapid infrastructure expansion with improving network utilisation, operational efficiency and technology scalability.

The latest Series A investment therefore represents more than a capital infusion—it signals growing confidence in battery swapping as an important component of India’s EV infrastructure. As Yuma expands across cities and deepens partnerships with OEMs and fleet operators, the company is positioning itself to become a key player in India’s emerging battery-as-a-service economy.