Bengaluru-based battery-swapping startup Yuma Energy raises $35 million in a Series A funding round led by Magna International Inc. The investment comes as demand for electric mobility and charging alternatives continues to grow in India.
Along with the fundraise, Yuma Energy acquires battery technology company Grinntech. The transaction is aimed at strengthening its battery technology and manufacturing capabilities as the startup prepares to expand its network and serve a larger base of electric vehicle users.
Yuma Battery Network
Yuma Energy says the fresh capital will support the expansion of its battery-swapping infrastructure across India. The company also plans to increase its customer base among EV users, fleet operators and original equipment manufacturers.
Founded in 2023, Yuma Energy operates a Battery-as-a-Service, or BaaS, network for electric mobility. It says its network has completed more than 60 million battery swaps using over 100,000 batteries, more than 2,500 charging units and over 400 touch points across 18 cities.
Startup powers the electric fleet of Yulu and also provides open-access battery-swapping services to third-party OEMs and last-mile delivery companies. This gives Yuma a role beyond a single vehicle or fleet platform.
Company plans to expand both its physical network and technology platform. Its focus is on serving individual riders, fleet operators and vehicle manufacturers while making electric mobility easier to operate at scale.
Battery Swapping Cuts Downtime
Battery-as-a-Service separates the battery cost from the price of an electric vehicle. Instead of buying and charging a battery at home, users can access charged batteries through subscription-based or pay-per-use models.
The model can reduce the initial cost of an EV and save time for riders who need their vehicles on the road for long periods. A discharged battery can be replaced with a charged one at a swapping point, helping reduce vehicle downtime.
Acquisition of Grinntech gives Yuma Energy access to additional battery technology and manufacturing capabilities. This can help the company develop its technology platform while supporting the expansion of its swapping network.
For a battery-swapping operator, technology, battery availability and network density are closely linked. A larger and better-connected network can make swapping more useful for riders and commercial fleets, while stronger battery capabilities can support different vehicle and usage requirements.
Growing Competition
Battery-swapping market in India is attracting several companies as electric two-wheelers and commercial EV fleets increase. Battery Smart, Sun Mobility and Gogoro are among the players developing battery-swapping and energy infrastructure.
Battery Smart raised around Rs 124 crore, or about $13 million, in debt from responsibility Investments AG in July to expand its own swapping network. The funding activity highlights the increasing interest in infrastructure that can support electric mobility beyond conventional charging.
Yuma Energy is now looking to use its new capital and technology capabilities to increase network coverage, add more customers and support wider EV adoption.
