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Exclusive: Green SM parent infuses Rs 153 Cr in Indian subsidiary to scale EV ride-hailing

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Exclusive: Green SM parent infuses Rs 153 Cr in Indian subsidiary to scale EV ride-hailing

Vietnam-based electric mobility startup Green SM has infused Rs 152.65 crore into its Indian subsidiary through a rights issue, marking another significant capital infusion as the company looks to scale its operations in the country.

The latest infusion comes after Green SM pumped Rs 85 crore into its Indian subsidiary in June 2026, taking its total investment in the country to nearly Rs 238 crore.

According to its regulatory filings accessed by Entrackr, the board of GREEN SM INDIA PRIVATE LIMITED approved the allotment of 15.27 crore equity shares at Rs 10 per share to its parent entity, GSM Green and Smart Mobility Joint Stock Company, raising Rs 152.65 crore.

The company said the fresh capital will be used to expand its existing operations and scale its business activities in India. The infusion is expected to support Green SM as it builds its EV fleet and expands its ride-hailing network.

Green SM entered India in June 2026 with the launch of Green SM Limo, a fully electric taxi service, initially targeting the Delhi-NCR market.

Green SM is the electric mobility arm of Vietnamese conglomerate Vingroup and operates its ride-hailing business under the Green SM brand. Founded in Vietnam in April 2023, the company has expanded to markets including Laos, Indonesia, the Philippines, India and Kazakhstan.

In India, Green SM is looking to tap the space left by BluSmart, which shut down its ride-hailing operations in 2025. Similar to BluSmart, Green SM operates an all-electric fleet with a company managed model, rather than relying on the traditional aggregator model followed by other established players such as Ola, Uber and Rapido.


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