New Delhi, Sept. 2 -- Yuma Energy has raised $35 million from existing investor Magna International, with the company planning to use the capital to expand its battery-swapping infrastructure across India, broaden its customer base, and strengthen its technology platform.

The fundraise comes after Yuma says it has completed more than 60 million battery swaps across its network. The company says it currently operates more than 2,500 charging units, has more than 100,000 batteries on the ground, and has a presence across 18 Indian cities and more than 400 touch points.

That gives the company an operating base to build on. But scale alone does not settle the larger question of whether battery swapping can become a sustainable infrastructur...