Yuma Energy raises $35M Series A led by Magna International for EV battery swapping

Funding and investor

Yuma Energy has raised $35 million in a Series A round led by Magna International, the Canada-based automotive supplier. Magna is also a co-founder of the battery-swapping venture.

The investment marks a strategic commitment from Magna, which joins the company’s board and reaffirms its role in expanding Yuma Energy’s infrastructure.

Scale and infrastructure

According to YourStory, Yuma Energy has executed 60 million battery swaps, with 100,000 batteries in circulation. Its network includes over 2,500 charging units and 400 touchpoints spread across 18 cities in India.

The company stated it will use the new capital to accelerate the rollout of additional swapping stations and broaden its customer base to include more EV users, fleet operators, and original equipment manufacturers (OEMs).

Financial targets and partnerships

Yuma Energy aims to achieve EBITDA-positive operations by FY27, as outlined in a company statement.

The startup and Magna will collaborate to expand access to battery-swapping infrastructure for India’s electric two- and three-wheeler market, addressing high-utilization use cases.

Market validation

Matteo Del Sorbo, Yuma Energy’s board member and Magna’s Group President, stated that battery swapping is critical for making electric mobility practical and scalable for two- and three-wheelers. He cited Yuma Energy’s execution, operational track record, and understanding of rider and fleet needs as key strengths.

The endorsement from a global automotive supplier is expected to strengthen Yuma Energy’s position in negotiations with OEMs and fleet operators.

What this means

Lazyfounder analysis — our interpretation, not reported fact.

Yuma Energy’s $35 million Series A signals two things for founders and operators in India’s EV sector.

First, battery swapping is gaining institutional validation. Magna International, a tier-1 automotive supplier, led the round and is also a co-founder; its decision to double down with capital and board involvement suggests confidence in swapping as a scalable infrastructure model, especially for high-mileage two- and three-wheelers. For startups building charging networks or fleet platforms, this is a competitive benchmark: customers and investors may now compare unit economics, uptime, and city coverage to Yuma’s reported scale.

Second, the push toward EBITDA-positive operations by FY27 sets a timeline. Founders raising capital or pitching enterprise partnerships can expect sharper questions about path to profitability, not just top-line growth. The target also pressures peers to accelerate monetisation or risk being labelled cost-heavy in later rounds.