GoKawiilMagna injects $35M more into India's Yuma Energy to expand battery swapping
Canadian auto parts maker Magna International is investing an additional $35 million into Yuma Energy, a Bengaluru-based battery-swapping startup spun out of Yulu in 2023. The new funding raises Magna's stake beyond the 51% it held since the joint venture began, diluting Yulu's share, though the exact new split wasn't disclosed. Yuma has completed over 60 million swaps and has roughly 100,000 batteries deployed for electric two- and three-wheelers.