Magna Deepens India Battery-Swapping Bet With $35M Investment in Yuma

Canadian auto parts manufacturer Magna International is increasing its bet on battery swapping in India, investing an additional $35 million in Bengaluru-based Yuma Energy, which operates a battery-swapping network for electric two- and three-wheelers. The investment raises Magna's stake in the joint venture beyond the 51% it held previously, diluting the 49% stake held by Indian mobility startup Yulu. Yuma managing director Muthu Subramanian declined to disclose the new ownership split.

Yuma, which spun out of Yulu in early 2023, has completed more than 60 million battery swaps to date and maintains around 100,000 batteries across its network. The company operates more than 400 stations with over 2,500 charging units across 18 Indian cities, including Bengaluru, Hyderabad, Mumbai and the Delhi region.

Betting on the delivery economy

Magna's latest investment relies heavily on India's growing gig economy, where delivery riders can lose time and revenue while charging electric vehicles. Subramanian estimates only 10-15% of vehicles used by gig workers in India are currently electric, leaving substantial room for growth. Swapping a battery takes under two minutes, compared to 20-30 minutes for fast charging.

Yuma is not yet profitable, though some of its older stations are already EBITDA-positive. In the financial year ending March 2026, the company generated about ₹1 billion (roughly $10.5 million) in revenue and is targeting EBITDA break-even within the next two quarters.

Most of the new capital will go toward expanding swapping infrastructure and doubling its battery fleet to about 200,000 units over the next 12 to 18 months. While Yulu still accounts for the majority of Yuma's lifetime swaps, about 15-20% of last quarter's swaps came from other customers, including more than five fleet operators. The company plans to expand into Chennai and Pune, and is longer-term considering entry into Southeast Asian and African markets.