One of the world’s largest automotive suppliers Magna and India’s largest shared electric micro-mobility player Yulu announced their joint venture – Yuma Energy (Yuma).
Magna International had invested Rs 653 crore in Indian electric mobility service start-up Yulu to set up this joint venture in September 2022 and the service was launched on February 2, 2023.
Yuma’s Battery-as-a-Service network supports Yulu’s fleet but will also be available to other OEMs and mobility operators.
About The Joint Venture – YUMA
This is a joint venture created to operate a network of battery charging and swapping stations for electric two-wheelers across India.
The company’s AI-powered tech stack, supply chain expertise and market understanding give it a unique and competitive position in the Battery-as-a-Service (BaaS) market. Located in high-demand areas and are equipped with integrated AI-powered charging, Yuma’s charging stations offer fast, efficient, reliable and safe charging.
Yuma Energy is headquartered in Bengaluru and has approximately 250 employees currently in Delhi, Mumbai and Bengaluru. Currently, it has established a network of more than 85 electric Stations across cities like Bangalore, Mumbai, and Delhi, and mentioned that it has plans to scale to over 500 stations across multiple cities by the end of 2023.
About Magna International & Yulu
Magna assembles battery packs for its BaaS business in India – Yuma while Yulu is a key player in the last-mile delivery segment.
Yulu is aiming to aggressively scale up its vehicle fleet to 1 lakh e-bikes by the end of the year and is the prime customer for Yuma Energy. Magna is a diverse auto components manufacturer from vehicle design to seating systems to battery pack design development.
However, Magna does not have a presence in the cell manufacturing space. Hence, it partners with cell manufacturers to develop specific battery pack designs for different use cases.
Official Statement
Matteo Del Sorbo, Magna Executive Vice President and Global Lead for New Mobility said, “We are very excited to see Yuma Energy come to life and contribute to a more sustainable future in urban mobility. The launch of Yuma’s BaaS offering in India presents an opportunity for Magna to leverage our core competencies in engineering and manufacturing to capitalize on the rapid growth in the micro mobility market globally.”
Amit Gupta, Co-founder & CEO, Yulu said, “This is a very special moment as Yuma Energy starts its journey with the launch of its Battery-as-a-Service network. We are excited to see Yuma Stations support Yulu Mobility’s needs and open up to more OEMs and mobility partners, offering their customers reliable and efficient access to energy.”