Yuma Energy, a battery-swapping venture co-founded by Yulu and Magna International, has raised $35 million in a Series A funding round led by Magna International, the global automotive supplier.
The company said it will use the funds primarily to expand its battery-swapping infrastructure across India.
Yuma Energy has completed 60 million battery swaps to date, with 100,000 batteries deployed across more than 2,500 charging units and 400 touchpoints in 18 cities.
The startup plans to scale its battery-swapping network and broaden its customer base to include a wider range of EV users, fleet operators, and OEM partners.
It is also targeting EBITDA-positive operations by FY27, according to a company statement.
