Canadian automotive supplier Magna International has invested an additional $35 million in Bengaluru-based Yuma Energy, increasing its controlling stake in the battery-swapping joint venture. The new capital will dilute the 49% equity position held by Indian mobility startup Yulu, which originally spun Yuma out in 2023.
Yuma operates over 400 swapping stations across India with 100,000 active batteries, catering primarily to electric two- and three-wheelers in the delivery economy. The company ended the fiscal year in March 2026 with roughly $10.5 million in revenue and expects to achieve EBITDA break-even within two quarters as non-Yulu fleet customers grow.
Magna’s capital injection will be used to expand swapping infrastructure and double Yuma’s battery fleet over the next 12 to 18 months, capitalizing on high-runtime gig workers who require fast operational turnaround over conventional charging.
Why it matters
Validates battery-swapping infrastructure unit economics in high-density, gig-economy emerging markets.
Provides major strategic backing for Indian EV hardware infrastructure, enabling rapid fleet expansion.
Demonstrates auto giants’ willingness to double down on specialized urban mobility joint ventures.
Source: techcrunch.com
