Chinese EV ops platform DST nets $100m funding led by IKEA’s Ingka

Photo: Ernest Ojeh/Unsplash

DST, a provider of charging and management solutions for new energy vehicles, has raked in $100 million in its Series C round led by Ingka Holding B.V., the parent company of Swedish furniture major IKEA.

New investors SMRT Ventures and Runxin Xinguanxiang Industry Fund joined the round along with return backers Matrix Partners China and Bojiang Capital. Chinese investment bank Taihecap facilitated the transaction, it said in a WeChat post. 

In January this year, DST had secured the first tranche of its Series C round, dubbed Series C1, from Japanese conglomerate ITOCHU Corporation, US private equity firm Olympus Capital and Hong Kong-based Jeneration Capital. 

DST plans to use the proceeds to spruce up its digital systems, offline maintenance management and global business development. 

Established in 2015, DST has been engaged in developing full-stack logistics services for NEVs based on its digital platform with an extensive network of offline support centers. 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, per a company statement.

Commenting on Ingka’s minority investment in DST, Ingka Investments managing director Krister Mattsson said, in a statement, “IKEA Retail China has been closely working with DST since 2019, in cities like BeijingShanghaiGuangzhouChangsha 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.”

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.