Magna commits another $35M to Yuma's battery-swap network in India

Canadian auto supplier Magna International is investing an additional $35 million in Yuma Energy, a Bengaluru-based operator of battery-swapping services for electric two- and three-wheelers. This brings Magna's total investment in the firm to $87 million, increasing its majority stake and diluting the share held by mobility startup Yulu. Yuma, which has completed over 60 million swaps and runs more than 400 stations, targets India's growing gig economy where riders need quick battery exchanges to maximize uptime.

Yuma Energy was established in early 2023 as a spin-off from Yulu, with Magna initially committing $52 million to the joint venture alongside a separate $25 million investment in Yulu itself. The fresh $35 million brings Magna's total backing to $87 million, though the company has not disclosed the revised ownership percentages following Yulu's dilution. Yuma's network currently spans 18 Indian cities with more than 400 stations and 2,500 charging units, and the firm ended its most recent fiscal year with roughly ₹1 billion in revenue.

The company is actively diversifying beyond its parent relationship. While Yulu historically drove nearly all swap volume, non-Yulu fleets now account for 15–20% of recent activity, with Yuma serving over five fleets and integrating with more than ten vehicle platforms from manufacturers including Kinetic Green, Motovolt, BGauss, and Quantum Energy. Management projects non-Yulu customers will reach about 25% of swaps within two years. Yuma also plans to double its battery inventory to roughly 200,000 units over the next 12–18 months and expand into Chennai and Pune.