Yuma raises $35M to expand battery swapping network in India

Yuma Energy has raised USD 35 million in Series A funding from Magna International as it looks to expand its battery swapping infrastructure across India.

The investment will support Yuma Energy’s next phase of growth, including expanding its network, broadening its customer base across EV users, fleets and OEM partners, and strengthening its infrastructure and technology platform, the Bangalore-based company said, according to a report by Businessline.

“This investment is a strong vote of confidence in Yuma Energy's mission to make battery swapping the backbone of electric mobility in India,” said Muthu Subramanian, MD and GM of Yuma Energy, according to a report by BW Disrupt. “Crossing 60 million swaps was a defining moment for us, and with Magna's support, we’re accelerating our infrastructure rollout and deepening our partnerships with Fleets & OEMs to make swapping the default choice for every electric two- and three-wheeler on Indian roads.” 

“Yuma Energy has demonstrated strong execution, operational excellence and a deep understanding of the needs of riders, fleet operators and OEMs across India,” said Matteo Del Sorbo, Yuma Energy Board Member and Group President at Magna. “We are pleased to support the company's next phase of growth as it expands its network both geographically and through a diversity of consumers to continue advancing the adoption of sustainable mobility solutions.”