Green SM Expands Operations in India with Significant Investment

Green SM, an electric mobility startup based in Vietnam, has invested Rs 152.65 crore into its Indian subsidiary through a rights issue. This move is part of the company’s strategy to enhance its operational footprint in India. The recent capital infusion follows an earlier investment of Rs 85 crore made by Green SM in June 2026, bringing its total investment in the Indian market to nearly Rs 238 crore.

According to regulatory documents accessed by Startup Superb, the board of GREEN SM INDIA PRIVATE LIMITED has approved the issuance of 15.27 crore equity shares at a price of Rs 10 per share to its parent company, GSM Green and Smart Mobility Joint Stock Company, resulting in a capital raise of Rs 152.65 crore.

Utilization of Fresh Capital for Expansion

The newly acquired funds are earmarked for bolstering existing operations and increasing business activities in India. This financial boost is anticipated to facilitate the growth of Green SM’s electric vehicle fleet and enhance its ride-hailing services.

Green SM’s Entry into the Indian Market

Green SM entered the Indian market in June 2026 with the launch of Green SM Limo, a fully electric taxi service specifically aimed at the Delhi-NCR region. As the electric mobility division of the Vietnamese conglomerate Vingroup, Green SM has rapidly branched out to various markets, including Laos, Indonesia, the Philippines, India, and Kazakhstan.

Targeting Market Gaps in Ride-Hailing

In India, Green SM aims to fill the competitive void created by BluSmart, which ceased its ride-hailing services in 2025. Similar to BluSmart, Green SM operates an entirely electric fleet but follows a company-managed model as opposed to the traditional aggregator framework utilised by established competitors such as Ola, Uber, and Rapido.