Magna International is investing another $35 million in Yuma Energy, a Bengaluru-based battery-swapping company serving electric two- and three-wheelers in India. The funding is Yuma’s first institutional round since its formation and will primarily finance additional battery units in existing markets, with the remainder supporting new stations in new cities. The investment raises Magna’s stake above the 51% it held when Yuma’s joint venture with mobility startup Yulu was formed, diluting Yulu’s 49% holding, although Yuma managing director Muthu Subramanian did not disclose the new ownership split. Yuma has completed more than 60 million swaps and has about 100,000 batteries deployed across more than 400 stations and 2,500 charging units. It generated about ₹1 billion, or approximately $10.5 million, in revenue in the financial year ending March 2026, and is targeting EBITDA break-even within the next two quarters. Yuma plans to expand its infrastructure and double its battery fleet over the next 12 to 18 months. Battery swapping takes under two minutes, compared with 20 to 30 minutes for fast charging, an advantage for India’s delivery riders, although the company remains unprofitable and the business is capital-intensive. Yulu still provides most of Yuma’s lifetime swaps, but other customers generated 15% to 20% of swaps in the latest quarter. Yuma serves more than five fleets, supports more than 10 vehicle platforms and expects non-Yulu customers to represent about 25% of swaps within two years. The network spans 18 Indian cities, with Chennai and Pune planned for expansion in the coming quarters. India will remain Yuma’s focus for at least 12 to 18 months, while Southeast Asia and parts of Africa are longer-term possibilities. Yuma designs and manufactures its own battery packs and charging units, producing the packs in Chennai and the charging units in Bengaluru.