DST Car Valuation, Funding & Investors
DST Car is valued at $400M as of June 2019.
Last DST Car valuation
$400M
Series B · Jun 2019
Last DST Car funding round
$100M
Series E · Jul 2024
Cumulative funding DST Car raised
$730M
across 10 funding rounds
Key investors in DST Car
Qiming Venture Partners
Matrix Partners China
Bojiang Capital
ITOCHU
Ingka Group
Idinvest Partners
About DST Car
DST Car is a Shenzhen-based new-energy vehicle fleet operator, founded in 2015 by Zhang Haiying, that provides electric truck and van rental and operational services to China's logistics industry. Its digital platform lets clients and drivers monitor vehicle and battery data, plan routes, and manage the EV life cycle, while the company also runs charging, fleet repair, maintenance, and insurance services through a large network of service stations and charging piles. DST has grown into the largest logistics EV operations platform in China, supporting a large fleet across hundreds of cities.
Founded
2015
HQ
ShenzhenWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$400M (Jun 2019)
DST Car Valuation
DST Car is currently valued at $400M, based on its Series B in June 2019.
The $70M round was led by Jeneration Capital, with participation from Far East Horizon and Idinvest Partners.
DST Car's valuation has moved from $3B at its seed round in May 2017 to $400M in June 2019, across 2 priced rounds.
DST Car valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jun 2019 | Series B | $400M |
| May 2017 | Seed | $3B |
DST Car Funding History
DST Car has raised a total of $730M across 10 funding rounds.
DST Car's first fundraising round was a $7M seed round in May 2017. The most recent completed round was a $100M Series E in July 2024.
DST Car funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2024 | Series E | Twin Towers Ventures (lead) | $100M | - | - |
| Dec 2023 | Series E | - | $84M | - | - |
| Jan 2022 | Series D | CICC (lead); Ingka Group | $200M | - | DST Car (Chinese: 地上铁), founded in 2015 by entrepreneur Zhang Haiying, provides new energy car fleet rental and operational services to China's logistics industry. The company operates in the smart mobility and new energy vehicle leasing sector amid China's growing EV and logistics markets. The company finalized its Series D financing round worth USD 200 million in early January 2022 from lead investor China International Capital Corporation (CICC) and Ingka Group (INGKA Holding). One source notes a slightly lower amount of USD 188 million raised by CICC in the Series D for DST Cars. Related context includes other Q1 2022 China VC deals in mobility, such as Jidu Auto's USD 400 million Series A and GAC Aion's CNY 2.57 billion (USD 400 million) raise at a CNY 39 billion (USD 6.1 billion) pro-rata valuation, but these are distinct companies. DST's round fits into broader automotive value pools and investment trends documented in 2022 reports. |
| May 2021 | Series C | Ingka Group (lead); Matrix Partners China; Momentum VC; China Securities HK; Bojiang Capital | $100M | - | DST Car (DST), founded in 2015 and based in Shenzhen, China, is the largest logistics electric vehicle (EV) operations platform in the country, providing EV operation and management services for logistics companies, including rentals for electric trucks and vans, charging, fleet repair, maintenance, insurance, and auxiliary services. Its online digital platform enables clients and drivers to monitor vehicle and battery data, collect route information, and manage EV life-cycle, improving operational efficiency. At the time of the Series C round in May 2021, DST operated and managed a fleet of close to 40,000 EVs across 200 cities, with a network of over 8,000 service stations, 150,000 charging piles, and more than 400 maintenance suppliers, servicing over 2,500 clients. DST closed its $100 million Series C funding round on approximately May 16, 2021, led by Ingka Group (Ingka Investments, the investment arm of the IKEA franchisee), with participation from SMRT Ventures (corporate venture arm of Singapore’s SMRT Corp), China Securities Investment Capital (also referred to as China Securities HK), and existing shareholders including Bojiang Capital and Matrix Partners China (MPC). The funding was intended to finance the expansion of its digital platform and operations network, support vehicle life-cycle management, increase vehicle efficiency, capture data and digitization value, standardize intra-city logistics EVs, and enter new and international markets. Ingka Group's minority investment aligned with its sustainability goals, having collaborated with DST since 2019 for last-mile EV deliveries in Chinese cities like Beijing, Shanghai, Guangzhou, Changsha, and Zhengzhou. DST founder Haiying Zhang emphasized ambitions to build a world-class digital platform for new energy logistics vehicle management. The company has raised a total of $541.84 million across rounds, with prior Series B in June 2019 at $100 million from Jeneration Capital, Far East Horizon, and Idinvest Partners. Subsequent rounds included Series D in 2022 at $200 million across two tranches with Ingka Group and others, and Series E+ in 2023-2024 totaling about $100 million with investors like a global growth fund, existing shareholders, Malaysia’s TTV, ITOCHU, and Contemporary Amperex Technology. DST also partnered with Itochu Corp for commercial EV leasing in ASEAN including Japan. |
| Sep 2019 | Undisclosed stage | Qiming Venture Partners (lead) | $30M | - | DST Car is a Shenzhen-based provider of intelligent operation solutions for new energy logistics vehicles. The company has raised over $541 million in total funding across multiple rounds. In June 2019, DST completed its Series B round of $100 million from Asia-based growth fund Jeneration Capital, Hong Kong-listed financial services provider Far East Horizon, and Paris-based Idinvest Partners. The company subsequently completed a Series C round of $100 million in May 2021 led by Ingka Group (which owns most IKEA stores), with participation from MPC and other investors. DST raised a Series D round of $200 million in 2022 across two tranches, including investment from Ingka Group and a green energy fund backed by CICC Capital. Most recently, in December 2023, the company completed an $80 million Series E main tranche, followed by a Series E+ extension round in July 2024 that brought the total Series E financing to approximately $100 million, with participation from Twin Towers Ventures, the corporate venture capital arm of Malaysian state energy giant PETRONAS. |
| Jun 2019 | Series B | Jeneration Capital (lead); Far East Horizon; Idinvest Partners | $70M | $400M | DST (Dishangtie, 地上铁), founded in 2015 and based in Shenzhen, China, is an electric vehicle (EV) solution provider specializing in green fleet rental services and fleet management platforms for EV trucks, rather than manufacturing vehicles. The company aligns with China's push for sustainable development and green economy policies, leveraging IoT for vehicle maintenance, charging networks, and battery second-use to optimize efficiency and reduce costs. It generates revenue from EV truck fleet rental and management amid shifting subsidies from vehicle trade to usage scenarios. DST completed a Series C financing round worth over tens of millions of US dollars, led by new investor Olympus Capital Asia, with participation from existing stakeholders Jeneration Capital and Itochu Technology Ventures. According to ITjuzi records, the pre-investment valuation was USD 350 million, bringing total financing to over USD 100 million and an estimated post-investment valuation of USD 400 million. This followed a Series B round in June 2019, where DST raised $100 million from Jeneration Capital (lead), Far East Horizon, and Idinvest Partners, matching the queried investors and approximate date of 10/06/2019. The EV sector in China faced challenges in 2019, with shrinking subsidies and a tough year for consumer vehicle brands, but opportunities emerged for EV fleet operators due to better IoT compatibility for smart driving compared to internal combustion engine vehicles. DST has continued raising capital post-Series C, including a $100 million Series C completion in May 2021 led by Ingka Group, a $200 million Series D in 2022, and further Series E tranches totaling about $100 million by 2024, with total funding exceeding $541 million. Investors have included Qiming Venture Partners, MPC (formerly Matrix Partners China), SMRT Ventures, Bojiang Capital, and others like Contemporary Amperex Technology and Twin Towers Ventures. |
| Oct 2018 | Series B | Bojiang Capital (lead); Matrix Partners China; ITOCHU; Qiming Venture Partners | $43M | - | - |
| Oct 2018 | Series B | Bojiang Capital (lead); Matrix Partners China; ITOCHU; Qiming Venture Partners | $48M | - | DST Car raised approximately $47.4 million in a funding round on October 28, 2018, with investors including Bojiang Capital, ITOCHU Corporation, Matrix Partners China, and others, aligning closely with the specified details including Bojiang Capital as lead. The round achieved a reported MOIC of 9.489x, indicating strong subsequent returns for investors. |
| Mar 2018 | Series A | Matrix Partners China (lead); Qiming Venture Partners (lead); Guodian Investment; SPIC; Eastern Bell Capital | $48M | - | - |
| May 2017 | Seed | Qiming Venture Partners (lead); Stalagnate Capital | $7M | $3B | DST Car raised $7.25 million in a funding round on May 22, 2017, led by Qiming Venture Partners with a post-money valuation of $3 billion. The round aligns with the specified investors including Stalagnate Capital and lead investor Qiming Venture Partners. This investment reflects early-stage focus by Qiming, known for backing high-growth tech firms. |
Who has invested in DST Car?
16 investors have backed DST Car across its funding rounds, including Qiming Venture Partners, Matrix Partners China, Bojiang Capital, ITOCHU, Ingka Group and Idinvest Partners.
Lead investors include Twin Towers Ventures, CICC, Ingka Group, Qiming Venture Partners, Jeneration Capital and 2 other investors.
DST Car Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Shanghai | 5 | Lead | May 2017 | |
| Beijing | 4 | Lead | Mar 2018 | |
| Hangzhou | 3 | Lead | Oct 2018 | |
 Tokyo | 2 | Participant | Oct 2018 | |
 Leiden | 2 | Lead | May 2021 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Guodian Investment | China | 1 | Participant | Mar 2018 |
| China | 1 | Participant | Jun 2019 | |
 Singapore | 1 | Participant | May 2021 | |
| Beijing | 1 | Participant | Mar 2018 | |
 Hong Kong | 1 | Lead | Jun 2019 | |
 Kuala Lumpur | 1 | Lead | Jul 2024 | |
| Beijing | 1 | Lead | Jan 2022 | |
| China | 1 | Participant | May 2021 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialDST Car Competitors
DST Car competitors include listed companies like GreenMobility, Gogoro and Ehang, and private ones like Caocao Chuxing, Battery Smart and Sion Power.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Hangzhou | Private | - | - | $1.5B | - | |
 Denmark | Publicly listed | $24M | $8M | $56M | - | |
 Taiwan | Publicly listed | $281M | $24M | $56M | 1.2x | |
 Gurgaon | Private | $18M | - | $450M | 25.0x | |
| China | Publicly listed | $62M | ($44M) | $347M | 4.3x | |
 United States | Private | - | - | $465M | - |
DST Car Public Comps
DST Car is still privately-owned, but its public comps include RattanIndia Enterprises, Ehang, LiveWire, BiNBiN, Socar, Alfen, ChargePoint, Zaptec, Microvast and Einride.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $772M | ($10M) | 0.6x | - | (51.2x) | - | |||
| $62M | ($44M) | 4.8x | 4.3x | (6.7x) | (8.7x) | |||
| $26M | ($66M) | 14.0x | 14.0x | (5.5x) | - | |||
| $11M | ($12M) | 27.8x | - | (25.0x) | - | |||
| $340M | $71M | 1.5x | - | 7.0x | - | |||
| $501M | $24M | 0.6x | 0.5x | 11.7x | 10.7x | |||
| $411M | ($170M) | 1.0x | 1.0x | (2.5x) | (7.6x) | |||
| $163M | $12M | 3.1x | 2.6x | 43.8x | 23.0x | |||
This data is available for Pro users. Sign up to see all DST Car competitors and their valuation data. Start Free Trial | ||||||||
Common questions about DST Car
| When was DST Car founded? | DST Car was founded in 2015. |
| Where is DST Car headquartered? | DST Car is headquartered in Shenzhen, China. |
| Is DST Car publicly listed? | No, DST Car is a private, VC-backed company. |
| What is DST Car's valuation? | DST Car was last valued at $400M in its Series B in June 2019. |
| How much funding has DST Car raised? | DST Car has raised $730M across 10 funding rounds. |
| What was DST Car's last funding round? | DST Car's last funding round was a $100M Series E in July 2024, led by Twin Towers Ventures. |
| Who are DST Car's investors? | DST Car's investors include Qiming Venture Partners, Matrix Partners China, Bojiang Capital, ITOCHU, Ingka Group, Guodian Investment, Far East Horizon, Momentum VC, SPIC, Jeneration Capital and 6 others. |
| Which companies are comparable to DST Car? | Companies comparable to DST Car include Caocao Chuxing, GreenMobility, Gogoro, Battery Smart, Ehang and Sion Power. |
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