Magna Doubles Down on India’s Battery-Swapping Market With $35M Yuma Bet

Yuma Energy, which spun out of the mobility startup Yulu in early 2023, has become the focal point of Magna’s strategy in India. The new investment increases Magna’s majority stake in the joint venture, further diluting Yulu’s 49% share. With over 60 million swaps completed and 100,000 batteries currently deployed, the firm is banking on the sheer volume of daily-use two- and three-wheelers to make the capital-intensive model profitable.

Managing director Muthu Subramanian argues that the swapping model provides a critical advantage for delivery riders, who lose significant income during charging downtimes. A battery exchange takes less than two minutes, a stark contrast to the 20 to 30 minutes required for fast charging. Although the company is not yet profitable, some older stations have reached EBITDA-positive status, and the firm hit approximately $10.5 million in revenue for the financial year ending March 2026.

To maintain this growth, Yuma plans to double its battery fleet over the next 18 months. While Yulu remains the primary customer, the network is diversifying, now supporting over five additional fleets and integrating with vehicle platforms from manufacturers like Kinetic Green and BGauss. Operations currently span 18 Indian cities, with expansion into Chennai and Pune slated for the coming quarters. Beyond India, the company views Vietnam, Thailand, and parts of Africa as potential future markets for its proprietary battery and charging hardware.