Magna International is raising its stake in Yuma Energy with a $35 million investment, bringing the auto parts giant’s total commitment to $112 million across both Yuma and its sister firm Yulu. The fresh capital will expand Yuma’s battery-swapping infrastructure and nearly double its deployed fleet of 100,000 batteries within 12 to 18 months.
Yuma, spun out of Yulu in early 2023, has already completed over 60 million swaps across 18 Indian cities, though it remains unprofitable. The company targets high-mileage gig workers, arguing that two-minute battery exchanges beat even 20-minute fast charges for uptime and cost. Revenue reached about ₹1 billion ($10.5 million) in the year ending March 2026, with EBITDA break-even expected within two quarters.
The expansion will prioritize Chennai and Pune, while adding stations in existing markets. Yuma also plans to diversify beyond its largest customer, Yulu, which now accounts for roughly 80% of swaps. Non-Yulu fleets already represent 15% to 20% of swaps and could reach 25% within two years.
