Dat Bike raises $22m series B, plans Thai entry by 2026

Amid struggles faced by electric vehicle startups in Indonesia and Singapore, Vietnam’s Dat Bike is bucking the trend by closing a US$22 million series B round and even considering international expansion.

The funding round, led by Japanese automotive parts supplier FCC and Singapore- and Japan-based VC firm Rebright Partners, brings Dat Bike’s total funding to US$47 million. Existing backers such as Jungle Ventures, as well as new investors like Taiwan’s Cathay Venture and Vietnam’s AiViet Venture, also participated in the round.

Dat Bike will channel the fresh capital into distribution, manufacturing, and R&D. It declined to disclose its post-round valuation.

Son Nguyen, founder and CEO of Dat Bike / Photo credit: Dat Bike

In an interview with Tech in Asia, founder and CEO Son Nguyen says Dat Bike has been working with FCC for two and a half years, and the two companies are now collaborating more closely to develop a new electric motorbike platform. Dat Bike expects to release the first product based on this platform in early 2026.

Nguyen adds that the new platform will feature a new drivetrain – a group of parts in the vehicle that enables movement – which combines the electric motor, speed controller, charger, and a voltage converter into a single unit for improved performance. However, details remain under wraps.

The company is currently eyeing expansion into Thailand, driven by the country’s infrastructure readiness and high EV adoption. Dat Bike plans to run pilot programs this year ahead of a commercial launch in 2026.

In Vietnam, Dat Bike faces competition not only from homegrown brands like VinFast and Pega, but also from foreign entrants such as China’s Yadea. In July 2025, local media reported that VinFast and Pega held 43% and 16% market share of the country’s electric motorbike market, respectively, citing data from local equity investor Kirin Capital.

While Dat Bike didn’t disclose its sales and financial figures, its financial data – which Tech in Asia sourced from a local intelligence firm – shows the company recorded 168.5 billion dong (US$6.4 million) in revenue in 2024, a nearly 4x jump from 2023. In 2025, it projects an 8x to 10x revenue growth.

If Dat Bike’s projection holds up, its revenue should reach a ballpark figure of 1.3 trillion dong (US$51 million) this year.

The company says it has been EBITDA positive since August, driven by higher material margins that have climbed from 20% to 25%.

To boost its sales numbers, Dat Bike aims to grow its retail network from 25 stores today to 50 by year-end and 150 by the end of 2026. About 40% of existing outlets are company-owned, with the rest run by partner dealers.

In terms of manufacturing capacity, Nguyen says the company’s factory currently produces a “few thousand units” per month.