DST, the largest logistics electric vehicle (EV) operations platform in China, announced raising $100 million in its Series C funding round led by Ingka Investments, the investment arm of IKEA’s Ingka Group.
SMRT Ventures, China Securities Investment Capital, and existing shareholders including Bojiang Capital and Matrix Partners China have also participated in the funding round that DST said will help finance the expansion of its digital platform, among others.
DST was founded in 2015 to provide EV operation and management services for logistics companies. Its services include rental offerings for electrical trucks and vans through its offline and online platforms.
The company’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.
To date, DST said it 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 more than 400 maintenance suppliers.
DST founder Haiying Zhang said the company will continue to build its digital platform and expand its operations network. It also aims to increase the value of 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,” Zhang added.
Lead investor Ingka Group said its minority investment DST is another step in enabling IKEA retail to continue providing last-mile EV delivery services to customers.
IKEA Retail China has been working closely with DST since 2019, in cities like Beijing, Shanghai, Guangzhou, Changsha, and Zhengzhou, according to the announcement.
Ingka Group is one of 12 different groups of companies that own and operate IKEA retail under franchise agreements with Inter IKEA Systems B.V. It has three business areas: IKEA Retail, Ingka Investments, and Ingka Centres.