Magna International, a Canadian auto parts manufacturer, is investing $35 million in Yuma Energy, a Bengaluru-based company that operates a battery-swapping network for electric two- and three-wheelers in India. This investment increases Magna's stake in Yuma from 51% to a larger share, diluting the stake of Yuma's parent company, Yulu. Yuma has completed over 60 million battery swaps and currently has around 100,000 batteries deployed across its network.
Magna's investment is influenced by the growth of India's gig economy, where delivery riders often face delays while charging their electric vehicles (EVs). Yuma's managing director, Muthu Subramanian, noted that only 10% to 15% of vehicles used by gig workers in India are electric, indicating significant potential for growth. Yuma aims to provide a more efficient alternative to fast charging, with battery swaps taking under two minutes.
Despite being unprofitable, some of Yuma's older swapping stations have achieved positive earnings before interest, taxes, depreciation, and amortization (EBITDA). The company operates over 400 stations and ended the financial year in March 2026 with approximately ₹1 billion (about $10.5 million) in revenue. Yuma plans to use the new investment to expand its infrastructure and double its fleet of batteries within the next 12 to 18 months.
Yuma currently operates in 18 Indian cities, including Bengaluru, Hyderabad, and Mumbai, and plans to expand into Chennai and Pune. The company also aims to grow its customer base beyond Yulu, which currently accounts for the majority of its swaps. Yuma has integrated its batteries with more than 10 vehicle platforms and expects non-Yulu customers to contribute to 25% of its swaps in the next two years. Looking ahead, Yuma is considering expanding its model to Southeast Asia and parts of Africa, where there are large two-wheeler markets. Yuma designs and manufactures its own battery packs and charging units, allowing it to maintain control over its hardware and network.