Green SM has launched its all-electric taxi service in India's capital region to fill the void left by BluSmart's collapse, navigating operational and infrastructure hurdles in a tightly controlled model owned by parent automaker VinFast. Meanwhile, auto classifieds giant CarDekho plans a significant IPO, marking broader trends in India’s evolving mobility and automotive tech ecosystem.
- Green SM enters Delhi NCR electric ride-hailing post-BluSmart failure
- CarDekho’s parent files for up to ₹3,500 Cr IPO aiming ₹15,000 Cr valuation
- Operational and infrastructure challenges constrain Green SM’s growth
What happened
Last year’s BluSmart shutdown left a pronounced gap in India’s electric ride-hailing sector. Addressing this, Green SM, a Vietnamese company linked to electric automaker VinFast, launched a fully owned and operated electric taxi service in the Delhi NCR region. Unlike aggregator-based rivals such as Uber or Rapido, Green SM owns its entire vehicle fleet and employs drivers directly, giving it end-to-end operational control.
The startup functions beyond ride-hailing by serving as a high-volume sales and branding outlet for VinFast while collecting valuable real-world data as Indian EV adoption accelerates. Recently, CarDekho’s parent, Girnar Software, announced plans to file its DRHP with SEBI, aiming for an IPO worth ₹3,000 to ₹3,500 crore, with a targeted valuation increase of roughly 66% from five years ago. This move highlights growing investor interest in India’s evolving mobility and tech landscape.
Why it matters
Green SM’s integrated model could deliver more consistent customer experiences compared to the aggregators but demands substantial investment in vehicles, staffing, and charging infrastructure. Early rider feedback praises the cleaner, spacious EVs, yet drivers report challenges including mandatory long shifts of 8 to 10 hours, inconsistent weekly payouts, and pressures to complete multiple daily trips amid limited vehicle utilization.
The company-owned charging facilities are currently inadequate, constraining trip distances and forcing drivers to operate close to charging hubs. Battery limitations and insufficient infrastructure threaten scalability as analysts note that vehicles need to sustain at least eight trips daily with an average ticket size to break even — a target hard to meet with current conditions. Green SM’s ability to navigate these hurdles will test whether a fully controlled EV taxi model fits Indian market realities.
What to watch next
Monitoring Green SM’s operational metrics and driver satisfaction will be critical in assessing whether this model can avoid BluSmart’s fate. Expansion plans across Indian cities, scaling charging network infrastructure, and improvements in driver pay and working conditions will be key indicators of sustainability.
Separately, CarDekho’s IPO filing will be closely watched by investors as a bellwether for automotive tech startups in India. The diversified CarDekho Group’s ability to leverage its classifieds, fintech, edtech, and shared mobility arms post-IPO will reveal industry appetite for integrated mobility ecosystem plays. Additionally, emerging rural commerce startups like Wheelocity signal the increasing penetration of digital platforms beyond urban centers.