Yuma Energy raises $35M Magna-led Series A to expand India battery-swapping network

Yulu co-founded Yuma Energy has raised $35 million in a Magna International-led Series A to scale its battery-swapping infrastructure across India. The company operates in 18 cities, with more than 100,000 batteries and 400 touchpoints, and is targeting EBITDA-positive operations by FY27.

— Source publishedTue, 1 Sept, 2026, 12:23 IST·First seen Tue, 1 Sept, 2026, 12:32 IST·Source YourStory

What happened

Yuma Energy raised $35 million in a Magna-led Series A to expand battery-swapping infrastructure across India, serving EV users, fleets and OEMs. The Yulu

Key facts

  • $35 million
  • 60 million battery swaps
  • 100,000 batteries
  • more than 2,500 charging units
  • 400 touchpoints
  • 18 cities
  • FY27
  • $93 million

Why this matters

Yuma’s national expansion creates partnership opportunities for OEMs, fleet platforms, energy providers and location owners seeking to embed swapping infrastructure into India’s growing EV ecosystem.

What to watch

  • New city launches and the number of operational swap touchpoints versus the current 400.
  • Large contracts with quick-commerce, e-commerce, food-delivery, parcel or 3PL fleets.
  • OEM partnerships that standardize Yuma-compatible battery packs or vehicles.
  • Battery inventory growth, swaps per station per day and reported utilization rates.
  • Progress toward FY27 EBITDA positivity, including gross-margin and operating-cost disclosures.
  • Competitive responses from charging networks, battery-swapping operators and OEM-owned infrastructure platforms.
  • Indian policy changes affecting battery-swapping standards, interoperability, subsidies, financing or electricity tariffs.
  • Prioritize high-order-density zones near dark stores, quick-commerce hubs, marketplaces and food-delivery clusters.
  • Use Magna's strategic involvement to sign OEM battery-compatibility and vehicle-financing agreements.
  • Offer fleet customers subscription pricing tied to swaps, uptime guarantees and delivery-volume commitments.
  • Expand battery analytics, predictive maintenance and theft/loss controls as the installed battery base grows.
  • Pursue retailer, 3PL and gig-platform partnerships that can anchor demand before entering additional cities.

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