- Magna International is investing an additional $35 million in Yuma Energy, increasing its stake and diluting Yulu’s 49% stake. The new ownership split was not disclosed.
- Yuma has completed over 60 million battery swaps and has about 100,000 batteries deployed across its network.
- Yuma operates more than 400 stations with over 2,500 charging units across 18 Indian cities.
- Yuma reported about ₹1 billion (approximately $10.5 million) in revenue for the financial year ending March 2026 and targets EBITDA break-even within the next two quarters. The company is not yet profitable, and only some older swapping stations are EBITDA-positive.
- Yuma plans to use the investment to double its battery fleet to about 200,000 over the next 12 to 18 months and expand into Chennai and Pune.
- About 15-20% of Yuma’s swaps in the latest quarter came from customers other than Yulu, and the firm expects non-Yulu customers to account for about 25% of swaps within two years.
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Magna Invests Additional $35M in India Battery-Swapping Firm Yuma
Magna International is investing an additional $35 million in Yuma Energy, increasing its stake in the Indian battery-swapping company. Yuma has completed over 60 million swaps and plans to double its battery fleet to around 200,000.
- Startup Funding
- Battery Swapping
- Electric Vehicles
- Gig Economy
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