Chinese EV Ops Platform DST Car Nets $100M Funding Led By IKEA’s Ingka

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

 Established in 2015, DST Car 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 Car 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 Car’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 Car, Ingka Investments managing director Krister Mattsson said, in
a statement, “IKEA Retail China has been closely working with DST Car 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.”

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