Chinese new energy logistics vehicle rental firm DST has completed a C1 financing worth tens of millions of U.S. dollars. The round was led by the Asian Environment Fund, managed by Olympus Capital, with existing shareholders Jeneration Capital and Itochu.
This round of funding will be used for smart asset acquisition, digital operation and management platform upgrade, in-depth service business development and innovative product research and development.
DST was founded in 2015 to take advantage of Chinese government’s policy of encouraging the usage of new energy vehicles. It provides new energy logistics fleet rental (long-term rental, short-term rental and time-sharing rental), sales and operation support services for express logistics and city distribution enterprises.
The company is positioned as an "intelligent asset service provider" (IASP) , and has built a "offline + online" digital service network to fill in the gaps in the in-depth services of new energy logistics vehicles in the areas of operation and maintenance, charging and battery cascade utilization, operating nearly 30,000 vehicles in 50 cities across the country.
In the 5G era, DST will develop application terminal and vehicle management application platform, provide more open and efficient interface to users, through digital link and management resulting in efficiency improvement and information sharing.
The networked vehicle operations will further reduce life cycle costs and improve efficiency for thousands of customers in 18 city distribution subsectors in the direction of value-added services such as vehicle maintenance, charging interconnection, and battery utilization, says the company.
At the same time, they also set up with the vehicle enterprises from production to delivery process of more flexible supply chain management, to help each other reduce costs and improve quality.
In June 2019, Metro secured series B + financing from Idinvest Partners, Jeneration Capital and Far East Horizon. It announced the completion of series B financing in October 2018, investors include Bojiang capital, Itochu, joint-stock Company and Matrix Partners China. It announced in March 2018 the completion of series A round of financing, led by Matrix and Qiming Venture Capital, China Power Investment and Zhongding Venture Capital.