Magna International, the Canadian auto parts giant, has invested an additional $35 million in Yuma Energy, an Indian firm specialising in battery swapping for electric two- and three-wheelers. This latest investment increases Magna's majority stake in Yuma, which was formed as a joint venture in early 2023.
Yuma Energy, based in Bengaluru, has completed over 60 million battery swaps to date and currently has approximately 100,000 batteries deployed across its network. The company reported revenues of around ₹1 billion (approximately $10.5 million) for the financial year ending March 2026.
The investment is largely aimed at supporting India's growing gig economy, where battery swapping is presented as a more practical alternative to charging for delivery riders. Yuma plans to use the capital to expand its swapping infrastructure and double its battery fleet over the next 12 to 18 months. The firm operates across 18 Indian cities and intends to expand into Chennai and Pune in the coming quarters.