Magna pours $35 million into Yuma to boost Indian battery-swap network

Magna International is committing an additional $35 million to Yuma Energy, raising its ownership beyond the 51% stake taken when the joint venture was created. Yuma, a Bengaluru-based spin-out of Yulu, has logged over 60 million battery swaps and currently runs roughly 100 000 batteries at more than 400 stations across 18 Indian cities. The company, which is not yet profitable but has some older stations posting EBITDA-positive results, plans to use the new funding to double its battery inventory and expand its network into Chennai, Pune and other markets.

Yuma serves the high-usage gig-economy delivery segment, arguing that swapping under two minutes is more practical than fast charging. Revenue for the fiscal year ending March 2026 was about ₹1 billion, and the firm targets EBITDA break-even within the next two quarters. While Yulu remains its largest customer, non-Yulu swaps now represent 15-20% of activity and are expected to grow to about 25% in two years.