Vietnam-based electric mobility startup Green SM has infused ₹1.53 billion (152.65 crore rupees) into its Indian subsidiary through a rights issue. The capital was raised from parent entity GSM Green and Smart Mobility Joint Stock Company, which controls the Indian business. The move signals an aggressive push to scale electric vehicle operations and expand the company's ride-hailing presence in India.
Board Approval and Share Allotment
The board of Green SM India Private Limited approved the allotment of 15.27 crore equity shares at ₹10 per share. The issue was made to GSM Green and Smart Mobility Joint Stock Company, the immediate parent entity, through the rights offering. Regulatory filings accessed by Entrackr confirmed that the allotment raised ₹1.53 billion in fresh capital for the Indian subsidiary.
Total Investment and Use of Proceeds
The latest infusion follows a previous ₹850 million investment made in June 2026, according to regulatory filings. With the new rights issue, the company's total India investment now stands at nearly ₹2.38 billion, signaling continued commitment from the parent group. Green SM said the fresh capital will support the expansion of existing operations and the scaling of business activities across India.
India Market Entry
Green SM entered the Indian market in June 2026 with the launch of Green SM Limo, a fully electric taxi service. The service initially targeted the Delhi NCR region, which remains a strategic market for premium electric mobility offerings. The company is now focused on building its EV fleet, expanding its ride-hailing network, and scaling operations in additional urban centers across the country.
Ownership and Global Expansion
Green SM is the electric mobility arm of Vietnamese conglomerate Vingroup, which provides substantial operational and financial strength. Founded in Vietnam in April 2023, the company operates its ride-hailing business under the Green SM brand across multiple geographies. It has since expanded to markets including Laos, Indonesia, the Philippines, India, and Kazakhstan, demonstrating its regional ambitions.
Operational Model
In India, Green SM is building an all-electric fleet under a company-managed model rather than relying on independent driver partners. This approach differs from the traditional aggregator model used by established players such as Ola, Uber, and Rapido. The company manages its vehicles directly, which helps maintain service quality, fleet reliability, and a consistent customer experience across its network.
Competitive Landscape
The company is looking to tap the space left by BluSmart, which shut down its ride-hailing operations in 2025. Green SM's model closely resembles BluSmart's all-electric and fleet-managed approach, giving it a familiar operating template in India. The Indian market currently has limited dedicated electric ride-hailing players, creating room for a focused operator with strong financial backing.
Strategic Rationale
Green SM's India expansion is supported by rising demand for electric mobility and a gap in the premium electric taxi segment. The company's parentage allows it to deploy capital for fleet acquisition, technology upgrades, and operational expansion without relying solely on external funding. This financial backing positions the company to compete effectively against larger established ride-hailing platforms while maintaining its own operating model.
Green SM's latest rights issue underscores the parent company's long-term commitment to the Indian electric mobility market. The fresh capital is expected to strengthen its EV fleet, expand its ride-hailing network, and help the company compete in a rapidly changing mobility landscape. As India's electric vehicle adoption grows, the company will seek to establish itself as a premium, company-managed alternative to larger aggregators.
Source: Entrackr