Funding · Mobility & Logistics

Yuma Energy raises $35 million Series A funding

By Startup Enthusiast · 1 September 2026

Date: 1 September 2026
Company: Yuma Energy
What it does: Battery-as-a-Service (BaaS) network
Kind: Funding
Amount: $35 Million
Stage: Series A
Based in: Bengaluru
Founded: 2023
Sector: Mobility & Logistics

What they do

Yuma Energy operates a battery-swapping network for electric two- and three-wheelers, providing infrastructure for fleet operators, individual EV users, and…

What happened

The company raised $35 million in a Series A round led by Magna International to expand its charging infrastructure and network across India

Why it matters

Launched in 2023 as a joint venture between Magna and Yulu, the startup has completed over 60 million battery swaps across 18 cities

The details

Yuma Energy secured $35 million in a Series A funding round led by existing backer Magna International.
The capital will support the expansion of its battery-swapping infrastructure across India.
The company aims to broaden its customer base, including EV users, fleet operators, and OEM partners.
Yuma Energy also announced the acquisition of Grinntech, a battery technology company, to enhance its manufacturing and design capabilities.
The startup is targeting EBITDA-positive (earnings before interest, taxes, depreciation, and amortization) operations by FY27.

The bigger picture

Battery swapping helps electric vehicle users avoid long charging wait times, which is critical for high-utilization commercial fleets.
Yuma Energy was formed in 2023 as a joint venture between Magna International and shared electric-mobility company Yulu.
The company claims to have completed more than 60 million battery swaps since its inception.

About the business

Yuma Energy provides a Battery-as-a-Service (BaaS) ecosystem for electric mobility.
Its network includes smart batteries, intelligent charging units, and an AI-driven software platform.
The service is designed for two- and three-wheeler electric vehicles used in last-mile delivery and shared mobility.
The company operates over 2,500 charging units and 400 touch points across 18 cities.
It serves various stakeholders, including individual riders, fleet operators, and vehicle manufacturers.

What happens next

Scale battery-swapping infrastructure across India.
Achieve EBITDA-positive operations by FY27.
Deepen partnerships with fleet operators and original equipment manufacturers.

The deal

Type: funding

Investors

Magna International (lead) — A global automotive supplier and existing backer of Yuma Energy.

Founders

Muthu Subramanian, Managing Director and General Manager

About Yuma Energy

Product: Battery-swapping infrastructure network with batteries, charging units and touch points enabling fast battery exchanges
Customers: EV users, fleet operators, OEM partners and last-mile delivery operators across India
How it makes money: Battery-as-a-Service (BaaS) model charging fees for battery swaps; partnership revenue from OEM and delivery operators
What sets it apart: 60+ million battery swaps delivered; 100,000+ batteries across 2,500+ charging units in 400+ touchpoints in 18 cities
Operations: Joint venture with Yulu Energy; partnership with Magna International for technology and expansion

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