Vietnam-based electric mobility company Green SM has infused Rs 152.65 crore into its Indian subsidiary through a rights issue, strengthening its plans to expand its electric ride-hailing operations in the country.
Fresh Capital to Drive Indian Expansion
According to regulatory filings, GREEN SM INDIA PRIVATE LIMITED allotted 15.27 crore equity shares at Rs 10 each to its parent, GSM Green and Smart Mobility Joint Stock Company.
The latest investment follows an Rs 85 crore infusion in June 2026, taking Green SM’s total investment in its Indian subsidiary to nearly Rs 238 crore.
The fresh funds will be used to:
- Expand Green SM’s existing operations
- Build and scale its electric vehicle fleet
- Expand its ride-hailing network
- Support the company’s broader business activities in India
Green SM Targets India’s EV Ride-Hailing Market
Green SM entered India in June 2026 with the launch of Green SM Limo, a fully electric taxi service initially focused on the Delhi-NCR market.
The company is the electric mobility arm of Vietnamese conglomerate Vingroup and operates under the Green SM brand. Founded in Vietnam in April 2023, it has since expanded into several international markets, including Laos, Indonesia, the Philippines, India and Kazakhstan.
Aiming to Fill the BluSmart Gap
Green SM is entering a market reshaped by the shutdown of BluSmart’s ride-hailing operations in 2025. Like BluSmart, the company follows a company-managed, all-electric fleet model, rather than relying primarily on independent driver-partners.
This approach differentiates Green SM from established ride-hailing platforms such as Ola, Uber and Rapido, while positioning the company to strengthen its presence in India’s growing electric mobility ecosystem.
