Vingroup's Green SM puts Rs 152.65 crore into Indian EV taxi arm
Vietnam's Green SM has invested Rs 152.65 crore in its Indian subsidiary via a rights issue to grow its electric taxi fleet and ride-hailing network.
Vietnam-based electric mobility company Green SM has invested Rs 152.65 crore in its Indian subsidiary through a rights issue. The board of Green SM India Private Limited approved the allotment of 15.27 crore equity shares at Rs 10 each to its parent, GSM Green and Smart Mobility Joint Stock Company.
The infusion follows an investment of Rs 85 crore in June 2026, taking the total investment in its Indian business to approximately Rs 238 crore.
Green SM is the electric mobility arm of Vietnamese conglomerate Vingroup and runs ride-hailing services under the Green SM brand. It was established in Vietnam in April 2023 and has expanded its operations to several international markets, including Laos, Indonesia, the Philippines, India and Kazakhstan.
In India, it entered the market in June 2026 with the introduction of Green SM Limo, an all-electric taxi service initially focused on the Delhi-NCR region.
The new funds will be used to expand the subsidiary’s existing operations and support its business growth in India. The investment is expected to help the company increase its electric vehicle fleet and widen its ride-hailing network.
Green SM is looking to capitalise on the opportunity created by the exit of BluSmart, which discontinued its ride-hailing services in 2025. Like BluSmart, Green SM operates an entirely electric fleet under a company-managed model.
This approach differs from the conventional aggregator-based business models followed by established mobility platforms such as Ola, Uber and Rapido, which primarily connect independent driver-partners with passengers.
With the additional capital, Green SM is looking to expand its fleet capacity and strengthen its position in India’s electric mobility and app-based taxi market.
