Yuma Energy is a Battery-as-a-Service company running one of India's largest battery-swapping networks for electric two- and three-wheelers. It was formed in 2022 as a joint venture between the Canadian auto supplier Magna International, which took 51%, and the shared mobility company Yulu, and began operations in February 2023 after spinning out of Yulu. It claims more than 60 million lifetime swaps across over 100,000 batteries, 2,500 charging units and 400-plus touchpoints in 18 cities, at 99% uptime and an average swap time under a minute. It acquired the Chennai battery maker Grinntech in
1StartupFox story
2022Founded
Battery SwappingSector
Sept 2026Latest coverage
Funding
Yuma Energy has raised $87M across 2 disclosed rounds, most recently a Series A in September 2026.
$87MRaised
Series ALatest round · September 2026
2Events
Chart appears once 1 more funding round is recorded — below that a chart shows less than the table does.
September 2026Series A$35MMagna International
2022JV formation commitment$52MMagna International
Leadership
MSMuthu SubramanianGeneral Manager · Managing Director
The Yuma Energy journey
2022 · funding
JV formation commitment — $52M, led by Magna International.
Sep 2022 · founded
Formed as a joint venture between Magna International and Yulu, initially registered as Yulu Energy. Magna takes 51% and commits $52 million, becoming Yulu's exclusive battery-swapping partner. ↗
Feb 2023 · milestone
Begins operations and showcases its battery charging and swapping network for electric two-wheelers in Bangalore. ↗
Feb 2024 · milestone
Completes 10 million lifetime battery swaps, coinciding with the company's first anniversary of operations. ↗
Feb 2025 · acquisition
Acquires Chennai battery maker Grinntech Motors & Services to build a vertically integrated stack covering pack design, production, charging units and the swapping network. ↗
September 2026 · funding
Series A — $35M, led by Magna International.
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Yuma Energy is a Battery-as-a-Service company running one of India's largest battery-swapping networks for electric two- and three-wheelers. It was formed in 2022 as a joint venture between the Canadian auto supplier Magna International, which took 51%, and the shared mobility company Yulu, and began operations in February 2023 after spinning out of Yulu. It claims more than 60 million lifetime swaps across over 100,000 batteries, 2,500 charging units and 400-plus touchpoints in 18 cities, at 99% uptime and an average swap time under a minute. It acquired the Chennai battery maker Grinntech in
Who founded Yuma Energy?
Yuma Energy is associated with Muthu Subramanian.
How much funding has Yuma Energy raised?
Yuma Energy has raised $87M across 2 disclosed rounds. The most recent was a $35M Series A in September 2026.
Who are Yuma Energy's investors?
Disclosed investors in Yuma Energy include Magna International.
What is the latest news on Yuma Energy?
The most recent StartupFox coverage is “Magna Puts Another $35M Into Yuma Energy, Diluting Its Joint Venture Partner Yulu” (1 September 2026). All stories are listed on this page.
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