Magna International Invests $35 Million in Yuma Energy

Canadian automotive supplier Magna International invested $35 million in Yuma Energy, a Bengaluru-based battery-swapping network for electric two- and three-wheelers. This internal Series A round increases Magna's stake from its initial 51% in the joint venture, resulting in the dilution of Yulu's 49% stake.

Yuma Energy plans to allocate 70% of the funds to add battery units to its existing network of over 400 stations, with the remaining capital used to expand into Pune and Chennai. The company targets India's gig economy, prioritizing two-minute battery swaps over fast charging to support high-mileage delivery riders.

While not yet company-wide profitable, Yuma Energy reported approximately ₹1 billion in revenue for the financial year ending March 2026. The firm currently manages about 100,000 batteries and has completed over 60 million swaps. Although it primarily serves Yulu, it is increasingly partnering with other original equipment manufacturers, including Kinetic Green and Quantum Energy, and aims to achieve EBITDA break-even by FY27.