Green SM’s India Litmus Test, CarDekho’s IPO & More

Can Green SM Avoid BluSmart’s Pitfalls?

BluSmart’s demise last year left a big gap in the Indian electric ride-hailing space. Stepping into this lucrative vacuum is Vietnamese newcomer Green SM, which launched its all-electric taxi service in Delhi NCR last month. But can it avoid the pitfalls that sank BluSmart?

An Integrated Giant: Unlike Uber or Rapido’s aggregator model, Green SM operates a controlled ecosystem. The company owns its vehicles, employs drivers directly on its payroll and controls the full service stack, from passenger authentication to driver onboarding. This means better consistency, but also more capital tied up in vehicles, staffing and daily operations.

A Bigger Play: More than just a ride-hailing brand, Green SM acts as a demand engine for its parent automaker, VinFast, which entered the Indian market last August. By absorbing inventory, Green SM provides VinFast with high-volume sales, branding and real-world testing data while the manufacturer expands in the country. 

Friction On The Road: While customers are praising its cleaner and spacious cars, drivers are facing operational strains. The platform enforces eight to ten-hour shifts, requiring a minimum of four daily trips. On top of this, drivers claim that promised weekly payouts of ₹8,000 are highly inconsistent.

Industry analysts estimate that each vehicle must achieve at least eight daily trips with a ticket size of ₹400, a threshold that current infrastructure cannot sustain.

The Infra Strain: Beyond labour, the shortage of company-owned charging infrastructure is also creating another bottleneck. Limited charging hubs means trips are constrained and drivers stick to areas where company chargers are available. Drivers also flag that battery backup lasts only up to 6 hours, limiting vehicle utilisation.

While the Vietnamese company has arrived at the right moment, the hardest part of EV ride-hailing is surviving the challenges that come after the launch buzz fades. So, can Green SM scale without repeating BluSmart’s mistakes? Let’s find out…

From The Editor’s Desk

CarDekho Gears Up For IPO

• The auto classifieds platform’s parent Girnar Software is looking to file its DRHP with SEBI in the ongoing quarter. It is eyeing an IPO in the range of up to ₹3,000-3,500 Cr, which will comprise both fresh issue and an offer for sale.
• The unicorn is said to be targeting a valuation of up to ₹15,000 Cr via the issue, 66% higher than ₹9,000 Cr at which it was last pegged five years ago. It has already roped in bankers like Axis Bank, IIFL and Goldman Sachs to helm the listing.
• Founded in 2008, the CarDekho Group operates brands such as CarDekho, BikeDekho, ZigWheels and Powerdrift. It also operates edtech platform CollegeDekho, fintech firm Rupyy and shared mobility businesses Revv and Carrum. It has raised $750 Mn to date.

Subrata Mitra’s New Book For Founders

• Accel’s long-time partner and the investor who wrote Flipkart’s first institutional cheque, has launched his first book, Down But Not Out, as a collection of ten founder stories focused on survival rather than success.
• The book profiles founders from companies like BlueStone, Capillary, Uniqode, GreyOrange, HyperVerge and others, framing their journeys around enduring tough times, backtracking and repositioning instead of just winning.
• Mitra argues that the ecosystem tends to focus on the 5-10% of the ventures that succeed, leaving learnings from the majority unused. He wants to create a “sugarcane juicer” model where every spin feeds more juice back, so outcomes improve with each iteration.

Wheelocity Bags ₹82 Cr

• The rural commerce startup has raised nearly $8.5 Mn in an ongoing round from the likes of Lightspeed India, Grand Anicut and a host of other angel investors.
• Founded in 2021, Wheelocity operates a phygital ecommerce startup that delivers fresh produce and grocery products to India’s semi-urban and rural markets. It claims to serve more than 5 Lakh households and employs more than 1,500 rural workers.
• The startup, which has raised more than $35 Mn to date, is eyeing a piece of the broader Indian ecommerce market, which is projected to become a $450 Bn opportunity by 2032.

Nurix To Acquire Verloop

• The Mukesh Bansal-led enterprise AI startup will acquire the voice AI platform for an undisclosed amount. As part of the deal, Verloop’s founder Gaurav Singh will join Nurix to oversee product strategy, enterprise GTM and AI agent development.
• Nurix plans to tap into the startup’s stack to expand its voice and chat-based AI solutions. For context, Verloop offers AI-powered chatbots and voice agents that automate customer support, sales and marketing across 80+ languages. 
• The acquisition comes three months after Nurix raised ₹135 Cr from Prosus at a pre-money valuation of $67 Mn. The startup operates in the Indian enterprise AI segment, which is projected to become a $71 Bn opportunity by 2030.

Accel’s Akhilesh Agarwal No More

• The Indian startup ecosystem is mourning the loss of Agarwal, a widely-known investor who passed away on July 8. 
• After working with Goldman Sachs and fintech startup Klub, Agarwal entered the startup investment ecosystem in 2021 after joining pi Ventures as assistant vice president. He joined Accel in 2025, where he focused on backing pre-seed and seed stage startups.
• This is the fourth loss for the Indian startup ecosystem this year, after the demise of Unnati Agri cofounder Ashok Prasad, SaaS startup Xpedize cofounder Regan Mithani, and Icertis cofounder Samir Bodas. 

Inc42 Markets

Inc42 Startup Spotlight

How Pehle Jaise Is Making Indian Agriculture Sustainable

India’s farms need cleaner and more resilient inputs, but conventional fertilisers remain tied to centralised manufacturing and chemical-heavy systems. This has left a big gap for products that are both sustainable and locally relevant. Enter Pehle Jaisa, a startup trying to close this gap.

The Local Impetus: Founded in 2022, the startup manufactures soil conditioners, bio-stimulants and organic fertilisers closer to where they are used. By decentralising production, it aims to reduce reliance on conventional chemical fertilisers while creating a more responsive supply chain for farmers.

The Circular Approach: Pehle Jaisa’s larger vision is to create village-level circular ecosystems where agricultural waste is turned into value-added bio-based inputs. On the back of its novel model, the startup claims to have already sold more than 1,500 metric tonnes of fertilisers in FY25, generating more than ₹2.5 Cr in revenue.

New Horizons: Going forward, Pehle Jaisa plans to expand into crop- and region-specific formulations tailored to local soil conditions. The startup is also broadening its manufacturing footprint and has set eyes on its long-term target of ₹100 Cr in annual revenue.

With the homegrown organic fertilisers segment expected to become a $1 Bn market by 2032, can Pehle Jaisa’s decentralised model make India’s agriculture sustainable?

Infographic Of The Day

Gurugram has emerged as India’s listed startup hub. Home to giants like Eternal, Lenskart and Policybazaar, the city boasts 15 public new-age tech companies that have a combined market capitalisation of $63 Bn+. Here is how Gurugram stacks up against its rivals…

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