Canadian auto parts giant Magna International is investing a further $35 million in Yuma Energy, a Bengaluru-based battery-swapping network for electric two- and three-wheelers, increasing its majority stake in the joint venture. The move reflects Magna's belief that battery swapping, which has struggled to gain traction elsewhere in the world, can succeed at scale in India thanks to its vast fleet of two- and three-wheelers and a rapidly expanding delivery economy, where gig workers value speed and uptime over slower fast-charging options.

Yuma, which spun out of mobility startup Yulu in 2023, has completed over 60 million battery swaps and now runs more than 400 stations with over 2,500 charging units, having generated roughly ₹1 billion (about $10.5 million) in revenue for the year to March 2026. The company is not yet profitable but aims to reach EBITDA break-even within two quarters, and plans to use most of the new funding to double its battery fleet, currently around 100,000 units, over the next 12 to 18 months. While Yulu still accounts for most of Yuma's swaps, other clients such as Kinetic Green, Motovolt, BGauss and Quantum Energy now make up 15-20% of quarterly swaps, a share Yuma expects to grow to about 25% within two years.