New Delhi, Sept. 1 -- Battery swapping joint venture Yuma Energy has raised $35 million in its internal Series A round from Magna International, the company announced on Tuesday.

"A majority of the fundraise will be used to add more battery units across our existing geographies," said Muthu Subramanian, managing director and general manager of the company said in an interview with Mint. "The rest will go towards adding new nodes in new geographies."

This is the three-year-old startup's first institutional round of funding after automotive supplier Magna and mobility-as-a-service startup Yulu entered into a joint venture to create Yuma Energy. At the time of launch, the two companies cumulatively put in $77 million to get Yuma going.

Th...