Vietnam-based electric mobility company Green SM has infused ₹152.65 crore into its Indian subsidiary as it looks to expand its electric ride-hailing operations in the country. The latest capital injection was made through a rights issue and comes just months after the company invested another ₹85 crore in its India business.
The fresh investment takes Green SM’s total capital infusion into its Indian subsidiary to nearly ₹238 crore since June 2026. The company entered India earlier this year with Green SM Limo, an all-electric taxi service initially focused on the Delhi-NCR market, and is now looking to scale its fleet and ride-hailing network.
Green SM Infuses ₹153 Crore Into India Business
According to regulatory filings accessed by Entrackr, the board of Green SM India Private Limited approved the allotment of 15.27 crore equity shares at ₹10 per share to its parent company, GSM Green and Smart Mobility Joint Stock Company.
The transaction generated ₹152.65 crore in fresh capital for the Indian subsidiary. The company said the funds will be used to expand its existing operations and scale its business activities in India.
| Key detail | Information |
|---|---|
| Fresh capital infusion | ₹152.65 crore |
| Shares allotted | 15.27 crore |
| Issue price | ₹10 per share |
| Previous India investment | ₹85 crore |
| Total investment since June | Nearly ₹238 crore |
| India launch | June 2026 |
| Initial market | Delhi-NCR |
| Business | All-electric ride-hailing |
The latest funding demonstrates the parent company’s continued commitment to building an electric mobility business in India.
Green SM Entered India in June
Green SM officially launched its Indian operations on June 5, 2026, with Green SM Limo, an all-electric taxi service operating initially across key areas of Delhi-NCR. India became the company’s fifth international market after Vietnam, Laos, Indonesia and the Philippines.
The company entered India with a fleet based on the VinFast Limo Green, a seven-seater electric vehicle designed for passenger transportation.
Green SM has positioned the service as a professionally managed electric mobility platform rather than a conventional ride-hailing marketplace. Its drivers, referred to as Green Drivers, receive training covering EV operations, road safety and customer service.
The company has said it plans to expand its service coverage in phases as customer demand develops.
Fresh Capital to Support EV Fleet Expansion
The ₹152.65 crore infusion is expected to provide additional resources for Green SM’s fleet and operational expansion.
The company is competing in a market dominated by established ride-hailing platforms such as Uber, Ola and Rapido, while attempting to differentiate itself through an all-electric fleet and a company-managed operating model.
The investment comes at a time when demand for electric mobility is expanding across India’s urban transportation sector. EV ride-hailing can potentially lower fuel-related operating costs while also helping fleet operators meet growing demand for lower-emission transportation.
However, large-scale electric taxi operations also require significant upfront investment in vehicles, charging infrastructure, maintenance and fleet management.
Green SM Follows BluSmart’s EV Ride-Hailing Model
Green SM’s India strategy has similarities with the model previously pursued by BluSmart, another electric ride-hailing company that shut down its operations in 2025.
Both businesses have focused on operating predominantly or entirely electric fleets rather than simply connecting independent drivers and passengers through an aggregator platform. Green SM is seeking to establish its own fleet and operational standards in India as it expands.
The difference will be in Green SM’s ability to build sufficient scale and utilisation while managing the capital-intensive nature of an owned or company-managed EV fleet.
Company Plans Broader Mobility Expansion
Green SM’s India strategy extends beyond standard city ride-hailing.
Earlier reports indicated that the company planned to expand into areas such as airport transfers, corporate mobility and subscription-based services. It has also explored partnerships that could broaden the use of its electric fleet.
In June, Green SM partnered with corporate mobility company Routematic to support the adoption of electric vehicles in employee transportation. Routematic said it serves more than 400 enterprises across India, while Green SM would provide its electric fleet for corporate mobility operations.
Such partnerships could give Green SM additional demand beyond individual consumers and help increase vehicle utilisation.
Green SM Targets a Large Indian Mobility Market
India’s ride-hailing market offers significant long-term potential because of its large urban population, growing smartphone usage and increasing demand for app-based transportation.
At the same time, competition is intense. Uber, Ola and Rapido already have established customer networks, while new EV-focused operators must build both supply and demand.
Green SM’s strategy is therefore based on differentiating its service through electric vehicles, professional drivers and a more controlled fleet experience.
The company says its “Ride 5 Star” approach focuses on vehicle quality, safety, driver professionalism and customer experience.
VinFast Ecosystem Gets Another India Link
Green SM’s expansion also strengthens the wider presence of Vietnam’s VinFast ecosystem in India.
VinFast is an electric vehicle manufacturer under Vietnam’s Vingroup conglomerate, while Green SM operates as the group’s electric mobility arm. The Indian ride-hailing service uses VinFast’s electric vehicles, creating a potential ecosystem connecting vehicle manufacturing with commercial fleet operations.
This could become strategically important as VinFast develops its broader India presence and seeks to establish electric vehicle manufacturing and sales operations in the country.
Capital Infusion Comes Months After First ₹85 Crore Investment
The latest investment follows an ₹85 crore capital infusion made by Green SM into its Indian subsidiary in June 2026.
Together, the two investments bring the company’s capital committed to its Indian operations to nearly ₹238 crore within a few months.
| Investment | Amount |
|---|---|
| June 2026 infusion | ₹85 crore |
| October 2026 infusion | ₹152.65 crore |
| Total | ₹237.65 crore |
The acceleration in funding suggests that Green SM is moving beyond its initial market-entry phase and preparing for a larger operational rollout.
What the Investment Means for India’s EV Ride-Hailing Market
Green SM’s additional capital could intensify competition in India’s electric taxi segment.
More investment in EV fleets can help expand the availability of electric cabs, while corporate mobility partnerships could create additional use cases for electric vehicles. The company could also benefit from operating experience gained in other international markets.
However, scaling EV ride-hailing remains dependent on several factors, including vehicle acquisition costs, charging availability, driver utilisation, customer demand and the economics of individual rides.
The ability to keep vehicles on the road for more hours each day will be particularly important because fleet utilisation directly affects the returns generated from expensive electric vehicles.
The Bigger Picture
Green SM’s ₹152.65 crore infusion highlights the growing interest in India’s electric mobility and ride-hailing opportunity. The company is entering the market with a relatively capital-intensive strategy that combines electric vehicles, professionally managed drivers and a controlled fleet rather than relying solely on an asset-light marketplace.
With nearly ₹238 crore invested in India since June, Green SM now has substantially more capital to expand beyond its initial Delhi-NCR launch. Its next challenge will be turning that investment into a sufficiently large and efficiently utilised fleet while competing with established mobility platforms.
Looking Ahead
Green SM is expected to focus on expanding its electric fleet and increasing its coverage across Delhi-NCR before gradually entering additional use cases and markets. Corporate transportation and airport mobility could provide important sources of demand as the company builds scale.
The larger test will be whether Green SM can create a sustainable economic model for electric ride-hailing in India. If it can combine high vehicle utilisation with growing customer demand and efficient fleet operations, the fresh capital could support a much broader EV mobility network in the country.
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