Yuma Energy raises funding to scale battery-swapping operations; Muthu Subramanian says crossing 60 million swaps was a defining moment

Yuma Energy has successfully raised $35 million in a Series A funding round led by Magna International, aimed at scaling its battery-swapping operations across India. This investment will enhance the company's infrastructure and technology capabilities to meet the growing demand in the electric mobility sector.

The startup has completed over 60 million battery swaps and operates more than 2,500 charging units with over 100,000 batteries deployed across 18 cities. Muthu Subramanian, MD & GM of Yuma Energy, stated, "This investment is a strong vote of confidence in Yuma Energy's mission to make battery swapping the backbone of electric mobility in India. Crossing 60 million swaps was a defining moment for us..."

The funding comes at a pivotal time as battery swapping gains traction as a viable alternative to traditional charging solutions, particularly for two- and three-wheeler electric vehicles where minimizing downtime is crucial. Matteo Del Sorbo, a board member at Yuma Energy, emphasized the importance of battery swapping in making electric mobility more accessible and scalable, particularly for high-utilization vehicles.

Yuma Energy aims to achieve EBITDA-positive operations by FY27 as it continues to expand its network and improve service capabilities for customers and partners.