Green SM, the Vietnamese electric mobility company, is putting fresh capital behind its India bet. The company has infused ₹152.65 crore into its Indian operations through a rights issue to scale its all-electric fleet, Entrackr reported on October 7.
Green SM is the electric mobility arm of Vingroup — the parent of EV maker VinFast — founded in 2023 by Vingroup chairman Pham Nhat Vuong as Green and Smart Mobility JSC. It launched Green SM Limo in Delhi-NCR on June 5, 2026, starting with about 1,000 electric vehicles and plans to scale to 10,000 in the region, running the VinFast Limo Green seven-seat electric MPV with a directly employed driver workforce.
The model is a deliberate contrast to India's aggregator era. Instead of onboarding independent car owners like Ola and Uber, Green SM owns the vehicles, employs drivers on its payroll and controls the full service stack — a vertically integrated play that also serves as a demand engine for VinFast's vehicles in India. The capital raise comes months after Vingroup's April 2026 pact with Maharashtra to deploy 60,000 electric vehicles through GSM under a $1.5 billion electric-mobility investment in the state.
The timing is sharp: India's electric two- and three-wheeler markets have already tipped, and the company-controlled fleet model — once BluSmart's territory — has an open lane after its demise.
Why it matters for founders
Green SM is the biggest live experiment in whether capital-intensive, fleet-owned mobility can work in India. The ₹153 crore rights issue signals Vingroup is playing the long game — using its own taxi fleet as a rolling showroom and data engine for VinFast's consumer cars. For mobility founders, the lesson is that distribution itself can be the moat: own the vehicles, control the experience, and let the fleet subsidise the brand.