While battery swapping has struggled to take off in much of the world, Canadian auto parts giant Magna International believes the model could work at scale in India, where millions of two- and three-wheelers and a fast-growing delivery economy create a different set of economics. And it’s placing that bet on Yuma Energy, a Bengaluru-based firm that operates a battery-swapping network for electric two- and three-wheelers. Yuma, which spun out of Indian mobility startup Yulu in early 2023, has completed more than 60 million swaps to date and now has about 100,000 batteries deployed across its network.
Magna is now investing another $35 million in Yuma, increasing the auto supplier’s stake from the 51% it took when the joint venture was formed, Yuma managing director Muthu Subramanian said in an interview. As a result, Yulu’s 49% stake will be diluted. Subramanian declined to disclose the new ownership split.
Yulu and Yuma are Magna’s only investments in India, the company confirmed to TechCrunch. In 2022, Magna committed a combined $77 million to the two businesses, with $25 million going to Yulu and $52 million to the battery-swapping joint venture. Magna’s latest investment hinges in large part on India’s growing gig economy.
Delivery riders can lose valuable time, and revenue, while charging their EVs. Subramanian estimates that only about 10% to 15% of vehicles used by gig workers in India are electric today, leaving considerable room for operators such as Yuma if more of those riders switch from gasoline-powered vehicles. A battery, Subramanian said, can be exchanged in under two minutes, while even a 20- or 30-minute fast charge takes a rider off the road and requires more space and power to serve multiple vehicles at once.
However, building that convenience is expensive, as Yuma has to keep its batteries and swapping infrastructure ready before enough riders arrive to fully utilize them. Yuma is not profitable yet, though some of its older swapping stations are already EBITDA-positive, Subramanian said. The firm operates more than 400 stations with over 2,500 charging units and ended the financial year in March 2026 with about ₹1 billion (about $10.5 million) in revenue.
It is targeting EBITDA break-even within the next two quarters, Subramanian told TechCrunch. Getting there will still require Yuma to build ahead of demand. The firm plans to use the bulk of Magna’s investment to expand its swapping infrastructure and double its fleet of about 100,000 batteries over the next 12 to 18 months.
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