Magna International invests $35 million in Yuma Energy, diluting Yulu's stake
Magna International just dropped $35 million into Bengaluru-based Yuma Energy, which runs battery-swapping stations for electric two- and three-wheelers.
This boost means Yuma can double its battery fleet and grow its infrastructure over the next year or so.
With Magna upping its stake, Yulu's share in the joint venture gets smaller.
Yuma Energy exceeds 60 million battery swaps
Yuma has already pulled off more than 60 million battery swaps at more than 400 stations across India, with 100,000 batteries ready to go.
The company's aiming to break even soon and expand to Chennai and Pune.
They're all about helping gig workers (think delivery riders) by offering under two-minute swaps that keep them moving instead of waiting around for a charge.
Yuma made ₹1 billion ($10.5 million) in revenue this year and is looking to team up with more fleets beyond Yulu.