Yuma, which runs battery-swapping stations as alternatives to electric vehicle charging hubs, said the Series A round will help it achieve positive pre-tax earnings growth in fiscal 2027 as it expands across India. It’s a joint venture between the Ontario-based auto parts maker and Yulu, a Bangalore-based electric bike-share company. Yuma didn’t disclose any other investors in the round. (The Logic)

Talking point: With the North American manufacturing sector facing a trade war, Magna has been looking to new markets that promise fast growth. India’s scooter and e-rickshaw scene could be one such opportunity, after Yulu raised US$93 million last month in preparation for a potential IPO. Many of its vehicles are used by delivery drivers who can make more money without waiting for their batteries to charge, Yuma says. Meanwhile, Magna has been deepening its relationships with China-based EV companies, and is considering diversifying into the robotics and data-centre sectors, CEO Swamy Kotagiri said in a July earnings call.

Sponsored Content

How to shift your workforce from AI experimentation to adoption

By Jessica Aftimus Rosa

The real-world economic offshoots of sovereign AI

By Deborah Aarts

Increasing healthcare access across Canada

By Deborah Aarts

Paid promotional content