Battery

Battery-as-a-Service (BaaS) provider Yuma Energy has raised $35 million in a Series A funding round led by Magna International Inc.

The Bengaluru-based startup has also acquired battery technology company Grinntech to strengthen its battery technology and manufacturing capabilities.

The fresh funds will be used to expand Yuma Energy’s battery-swapping infrastructure across India and broaden its customer base across EV users, fleet operators and OEM partners, the company said in a press release.

Founded in 2023, Yuma Energy operates a battery-swapping network for electric mobility. The company claims to have delivered more than 60 million battery swaps through a network of over 100,000 batteries, 2,500+ charging units and more than 400 touch points across 18 cities.

Yuma Energy powers Yulu’s electric fleet and also provides open-access battery-swapping services to third-party original equipment manufacturers (OEMs) and last-mile delivery operators.

The company plans to further expand its infrastructure and technology platform to serve riders, fleet operators and OEM partners and support the wider adoption of electric mobility.

BaaS providers separate the cost of the battery from the vehicle, allowing users to access charged batteries through subscription or pay-per-use models. The model can lower the upfront cost of EVs and reduce downtime through battery swapping.

Other startups such as Battery Smart, Sun Mobility and Gogoro are also building battery-swapping and energy infrastructure networks in India. Battery Smart raised around Rs 124 crore ($13 million) in debt from responsAbility Investments AG in July to expand its swapping network.