Battery-as-a-Service (BaaS) Innovations by Yuma Energy

Battery-as-a-Service (BaaS) provider Yuma Energy has secured $35 million in a Series A funding round led by Magna International Inc. Based in Bengaluru, the startup has also acquired the battery technology firm Grinntech to enhance its battery manufacturing capabilities. The newly acquired funds will aid Yuma Energy in broadening its battery-swapping infrastructure throughout India, as well as expanding its customer base among EV users, fleet operators, and OEM partners, as stated in a recent press release.

About Yuma Energy

Established in 2023, Yuma Energy runs a battery-swapping network specifically designed for electric mobility. The company asserts that it has executed over 60 million battery swaps via a network consisting of more than 100,000 batteries, 2,500 charging units, and over 400 touchpoints across 18 cities. Yuma Energy powers the electric fleet of Yulu and offers open-access battery-swapping services to third-party original equipment manufacturers (OEMs) and last-mile delivery operators.

Future Expansion Plans

Yuma Energy aims to further develop its infrastructure and technological platform to cater to riders, fleet operators, and OEM partners, ultimately facilitating the broader adoption of electric mobility. The BaaS model separates the battery cost from the vehicle, enabling users to gain access to charged batteries through subscription or pay-per-use options. This approach can significantly lower the initial purchase cost of electric vehicles (EVs) and minimise downtime via efficient battery swapping.

Competitive Landscape

Other startups, including Battery Smart, Sun Mobility, and Gogoro, are also constructing battery-swapping and energy infrastructure networks in India. Notably, Battery Smart secured approximately Rs 124 crore ($13 million) in debt from responsAbility Investments AG in July to further develop its swapping network.