Business & Finance
Magna invests additional $35 million in Indian battery-swapping firm Yuma Energy
The Canadian auto parts supplier is expanding its majority stake to help Yuma double its battery fleet and widen its footprint in India.
The short version
- Magna International is committing an additional $35 million to Bengaluru-based Yuma Energy, increasing its majority stake in the battery-swapping network.
- Yuma plans to use the funding to double its fleet of roughly 100,000 batteries over the next 12 to 18 months and expand network operations into Chennai and Pune.
- The company aims to reach EBITDA break-even within the next two quarters as it expands services beyond its main partner, Yulu, to other electric vehicle fleets.
- Yuma plans to focus on India for the next 12 to 18 months before potentially exploring long-term expansion into Southeast Asia and Africa.
Key facts
- Magna International is investing an additional $35 million in Yuma Energy, diluting founding partner Yulu's 49% stake in the joint venture.[TechCrunch]
- Yuma Energy operates over 400 swapping stations across 18 Indian cities and has completed more than 60 million battery swaps to date.[TechCrunch]
- The company generated approximately ₹1 billion ($10.5 million) in revenue for the fiscal year ending March 2026.[TechCrunch]
- Yuma manufactures its own battery packs in Chennai and charging units in Bengaluru.[TechCrunch]
- Magna previously committed a combined $77 million to Yulu and the battery-swapping joint venture in 2022.[TechCrunch]
What remains uncertain
- The exact post-investment ownership percentage between Magna and Yulu was not disclosed.[TechCrunch]
- Yuma has not yet initiated formal discussions or finalized timelines for its potential expansion into Southeast Asia or Africa.[TechCrunch]