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

Key Highlights

• Vietnam’s Green SM has infused Rs 152.65 crore into its Indian subsidiary through a rights issue.
• The latest investment takes Green SM’s total capital infusion in India to nearly Rs 238 crore.

The latest investment follows an Rs 85 crore infusion by Green SM into its Indian subsidiary in June 2026, taking its total investment in India to nearly Rs 238 crore.

Green SM India Raises Rs 152.65 Cr Through Rights Issue

According to regulatory filings, the board of Green SM India 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.

The rights issue raised Rs 152.65 crore for the Indian subsidiary, with the fresh capital earmarked for expanding existing operations and scaling business activities in the country.

Green SM to Expand EV Fleet and Ride-Hailing Network

The fresh capital infusion is expected to support Green SM’s efforts to build its electric vehicle fleet and expand its ride-hailing network in India.

The company is seeking to strengthen its operations as it scales its presence in the country’s growing electric mobility and ride-hailing market.

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

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Green SM Brings Vietnamese EV Model to India

Green SM is the electric mobility arm of Vietnamese conglomerate Vingroup and runs its ride-hailing business under the Green SM brand.

The company was established in April 2023 in Vietnam, and has now expanded to other nations, such as Laos, Indonesia, Philippines, India, and Kazakhstan.

The company's move to India comes as a part of its international growth plan, with the new investment offering more funds for its Indian operations.

Green SM Targets Market With Company-Managed EV Fleet

Green SM is aiming to fill the void left by BluSmart's closure of its ride-hailing business in 2025 in India.

Green SM's model was similar to the all-electric model of BluSmart where the company manages the fleet instead of the traditional aggregator model of the established ride-hailing companies like Ola, Uber and Rapido.

The model gives Green SM direct control over its electric vehicle fleet and operations as it builds its presence in India’s urban mobility market.

With the latest Rs 152.65 crore rights issue and the earlier Rs 85 crore infusion in June, Green SM has committed nearly Rs 238 crore to its Indian subsidiary within the current expansion phase.