Magna invests $35 million in Indian battery-swapping startup Yuma to expand electric vehicle infrastructure

Canadian auto parts giant Magna International is doubling its investment in Yuma Energy, an Indian company operating a battery-swapping network for electric two- and three-wheelers. The $35 million funding brings Magna’s stake to over 50%, diluting Yulu’s ownership. This move targets India’s growing gig economy, where delivery riders face time losses from charging EVs. Yuma’s swapping stations allow batteries to be exchanged in under two minutes, offering faster service than traditional fast charging. Despite being unprofitable, Yuma has achieved EBITDA positivity at some locations and plans to expand its network across 18 Indian cities. The company aims for break-even within two quarters and intends to scale its battery fleet and infrastructure. While focused on India, Yuma plans to explore international markets like Southeast Asia and Africa. The investment highlights Magna’s belief in the scalability of battery-swapping models for India’s unique transportation needs.