DST, the largest logistics electric vehicle (EV) operations platform in China, announced the completion of its latest round of Series C funding. This round was led by Ingka Investments (part of Ingka Group), followed by SMRT Ventures, China Securities Investment Capital and existing shareholders including Bojiang Capital and Matrix Partners China. TH Capital acted as the exclusive financial advisor. The capital will be used to add new capabilities to its digital platform, expand its maintenance network and enter international markets. With this, DST raised $100 million in total in Series C funding.
Founded in 2015, DST provides EV operation and management services for logistics companies. It offers rental services for electrical trucks and vans, along with a full set of aftermarket services to its clients and drivers through its offline and online platforms. DST’s offline platform covers a nationwide network of operation branches, charging sites, maintenance stations and service partners across China offering EV charging, fleet repair and maintenance, insurance and other auxiliary services. DST’s online digital platform allows clients and drivers to monitor vehicle and battery data and collect route information, enabling EV life-cycle management and improving operational efficiency.
Haiying Zhang, founder of DST, says, “We will continue to build our digital platform and expand our operations network. We aim to increase the value of our services through vehicle life-cycle management, further increase vehicle efficiency and fully capture the value of data and digitization. Our ambition is to standardize the intra-city logistics EVs and increase the efficiency of China’s new energy industry. In addition, DST is entering new and international markets. By leveraging our online platform and offline service capabilities, we aim to build a world-class digital platform for new energy logistics vehicle management.”
To date, DST has serviced over 2,500 clients. It currently operates and manages a fleet of close to 40,000 EVs covering 200 cities in China. DST’s network covers 8000+ service stations, 150,000 charging piles and 400+ maintenance suppliers. Being the clear leader in the intra-city logistics EV industry, DST is pushing the industry forward by setting standards for the entire industry, from working with the EV manufacturers on efficient design to building charging infrastructures and battery reuse and recycle systems with logistics companies.
Ingka group who led the latest round of Series C funding looks forward to further cooperation: “We are delighted with this new minority investment in DST, as it’s another step in enabling IKEA Retail to continue providing last mile EV delivery services to our customers, continue to improve on our customer promise, while also reducing our environmental footprint. IKEA Retail China has been closely working with DST since 2019, in cities like Beijing, Shanghai, Guangzhou, Changsha and Zhengzhou. Their EV vehicles provide one third of transport capacity for IKEA customers and have supported cities like Shanghai in already achieving 100% electric deliveries,” says Krister Mattsson, Managing Director of Ingka Investments.
Guo Ruyi, partner at TH Capital, says: “Intra-city delivery is in the process of transitioning from fossil-based energy to renewable energy. DST’s clean energy focused, digital based solution connects the entire value chain, from clients, drivers, distributors to manufacturers, auto-parts suppliers and maintenance stations. Through online transaction and trading and offline aftersales services and assets recycling, DST offers logistic companies the most efficient asset management services and has the potential to become the platform for the whole industry”.
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