DST Raises $100M in Series C Funding

Electric Car

DST, a Shenzen, China-based logistics electric vehicle (EV) operations platform, completed its latest round of Series C funding totalling $100m.

The 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.

The company intends to use the funds to add new capabilities to its digital platform, expand its maintenance network and enter international markets. 

Founded in 2015 by Haiying Zhang, 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.

To date, the company 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.