Green SM has put another Rs 152.65 crore into its Indian arm, its second cheque in five months, as the Vietnamese electric taxi operator tries to turn a narrow Delhi-NCR launch into a national ride-hailing business. The money came on 10 November through a rights issue rather than a fresh investor round, which says as much about who is carrying the bet as the size of it.
The board of Green SM India Private Limited approved the allotment of 15.27 crore equity shares at a face value of Rs 10 each to GSM Green and Smart Mobility Joint Stock Company, the Vietnamese parent. That works out to exactly Rs 152.65 crore. Add the Rs 85 crore invested in June 2026 and the parent’s total commitment to the Indian subsidiary stands at roughly Rs 238 crore.
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Where The Money Goes
The company has said the proceeds will expand existing operations and support growth, mainly by adding electric cars to the fleet and widening the ride-hailing network. No acquisition, no new city and no new product line is attached to this cheque. It is working capital for a business that is still assembling its fleet one cluster at a time.
Green SM opened in India on 5 June 2026, World Environment Day, with Green SM Limo, an all-electric taxi service aimed at Delhi-NCR. It is the electric mobility arm of Vingroup, one of Vietnam’s largest private conglomerates, and began operating in Vietnam in April 2023. Outside Vietnam it runs in Laos, Indonesia, the Philippines, Kazakhstan and now India.
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Owning The Fleet, And The Fixed Cost
The operating model is the part that matters. Unlike Ola, Uber or Rapido, which match independent driver-partners with riders, Green SM owns the cars and keeps drivers on its payroll. It runs checks beyond a police verification before onboarding, offers in-cabin camera and microphone cover during a trip, and lets regular riders skip OTP verification with biometric authentication.
That integration buys service quality and costs a great deal of money. Every additional car is capital sitting on the balance sheet before it earns a rupee, and the company also carries charging, maintenance and driver salaries. VinFast, the Vingroup automaker that builds the vehicles, entered India in August 2025, and Green SM is one of its largest buyers worldwide.
The Shadow BluSmart Left
Green SM is fishing in water BluSmart vacated. The EV ride-hailing firm suspended cab bookings on 16 April 2026 as a crisis at Gensol Engineering deepened, and its app later stopped working on both Android and iOS. Rapido and Uber have since split most of the Delhi-NCR market between them, which is the gap the new fleet is trying to wedge open.
The aftermath turned legal. On 31 July 2026 the CBI’s Anti-Corruption Branch registered an FIR against Gensol Engineering, Gensol EV Lease and BluSmart founders Anmol Singh Jaggi and Puneet Singh Jaggi over the alleged diversion of loans from IREDA in a Rs 672 crore case. Owning the fleet was not the allegation, but it is why the collapse was so expensive to unwind.
The Eight Trips A Day Test
Drivers describe a working day harder than the pitch. They told Inc42 they must stay active for 8 to 10 hours and complete at least four trips, while a full charge lasts 5 to 6 hours of running. Company charging points are free, but third-party charging is paid out of pocket and reimbursed only at the end of the month.
An industry executive put the break-even in plain arithmetic: about eight trips a day at an average ticket of roughly Rs 400 for both the driver and the company to earn sustainably. That is Rs 3,200 of gross bookings per car per day. Drivers were told to expect around Rs 8,000 a week, or Rs 32,000 a month. Managing director Bach Tuan Anh has said the payment delays reported at launch were system integration issues, not a change in policy.
What To Watch
Analysis: a rights issue is the cheapest way for a parent to keep a young subsidiary alive and the least informative about what it is worth. No outside investor has priced Green SM India, so the Rs 238 crore measures commitment rather than valuation. The number that decides this story is utilisation per car per day, and the company has not published it. Watch the next city and any third-party fundraise.
