Bengaluru-based Battery-as-a-Service (BaaS) startup Yuma Energy has raised $35 million in a Series A funding round led by Magna International Inc., as the company looks to expand its battery-swapping infrastructure and strengthen its technology capabilities. The company has also acquired battery technology firm Grinntech as part of its efforts to strengthen battery technology and manufacturing capabilities.
Yuma Energy said the fresh capital will be used to expand its battery-swapping infrastructure across India and broaden its customer base among electric vehicle users, fleet operators and original equipment manufacturers (OEMs). The funding is expected to support the company’s plans to scale its infrastructure and technology platform as electric mobility adoption grows.
Founded in 2023, Yuma Energy operates a battery-swapping network focused on electric mobility. According to the company, its network has facilitated more than 60 million battery swaps, supported by over 100,000 batteries, 2,500+ charging units and more than 400 touch points across 18 cities.
The company currently powers Yulu’s electric fleet and also provides open-access battery-swapping services to third-party OEMs and last-mile delivery operators. Its platform is designed to provide users and fleet operators with access to charged batteries without requiring them to wait for conventional charging.
Yuma Energy’s latest funding comes alongside its acquisition of Grinntech, a battery technology company. The acquisition is aimed at strengthening Yuma Energy’s capabilities in battery technology and manufacturing as it expands its battery-swapping network.
The company’s business model is based on Battery-as-a-Service, which separates the cost of the battery from the electric vehicle itself. Under the model, users can access charged batteries through subscription or pay-per-use arrangements. This approach can help reduce the upfront cost associated with EV ownership while also reducing vehicle downtime through faster battery replacement.
Yuma Energy plans to use its expanded infrastructure and technology capabilities to serve a wider set of riders, fleet operators and OEM partners. The company aims to support the broader adoption of electric mobility by providing battery-swapping infrastructure that can cater to the requirements of high-utilisation electric fleets and other EV users.
The Indian battery-swapping ecosystem has attracted several companies working on alternative energy infrastructure for electric mobility. Battery Smart, Sun Mobility and Gogoro are among the other players developing battery-swapping networks and related infrastructure in the country. Battery Smart, for instance, raised around Rs 124 crore ($13 million) in debt from responsAbility Investments AG in July to expand its swapping network.
With the new capital from Magna International and the acquisition of Grinntech, Yuma Energy is looking to combine battery technology, manufacturing capabilities and a growing swapping network to support its next phase of expansion. The company’s focus remains on scaling battery-swapping infrastructure and making its services available to a broader base of EV users, fleet operators and OEM partners across India.
The $35 million Series A round marks a significant funding milestone for Yuma Energy as it seeks to scale its Battery-as-a-Service model and strengthen the infrastructure supporting India’s expanding electric mobility ecosystem.
 startup Yuma Energy has raised $35 million in a Series A funding round led by Magna...){kind=link}