Executive summary
Comment in WhatsAppCompany name proposes to become a commercial fleet sales and service partner for VinFast in South India, starting with a pilot in Hyderabad and Bengaluru.
Public reporting identifies Green SM as VinFast's principal fleet customer in India so far. Independent operators can become a second source of fleet demand: corporate cab vendors, airport and tourism operators, rental firms and owner-driver groups. They need more than a vehicle. They need registration and permits, finance, drivers, depot charging and quick servicing. We will handle these for them, working through VinFast's authorised dealers.
We also intend to fund a dedicated fleet service centre in Hyderabad, subject to VinFast's authorisation, to add service capacity as fleet numbers grow.
Our first ask is small: a non-binding Letter of Intent, a named contact, and indicative fleet terms under NDA so we can hold informed conversations with operators. We seek no funding, exclusivity or volume commitment from VinFast.
Why VinFast should care
A second source of fleet demand
Independent operators alongside Green SM, in two large markets.
Service capacity, privately funded
A fleet-focused workshop in Hyderabad, ahead of fleet growth.
Little cost to say yes
A non-binding LOI, sales through VinFast's own dealers, and a go/no-go review at Day 90.
- Programme
- Track A: fleet sales pilot. Track B: fleet service centre.
- Cities
- Hyderabad and Bengaluru. Lead city: to confirm.
- Customers
- Corporate cab vendors, airport and tourism operators, rental firms and owner-driver groups.
- Ask now
- A non-binding LOI, a named contact and indicative fleet terms under NDA (section 6.1).
- We commit
- 2–3 qualified fleet buyers and a pilot plan by Day 90; a service centre plan; monthly reports; self-funded set-up.
- How we earn
- Fees from fleet buyers and service revenue, disclosed in writing (section 8.3).
Who we are and what we aim to do
Comment in WhatsAppOur aimTo make it easy for commercial operators in South India to run VinFast EVs at scale, by handling everything around the car.
How we intend to work
- A long-term partner
- We start small, prove results, and grow only when the numbers support it.
- Through VinFast's network
- Vehicles are sold and serviced through VinFast's authorised network. Our service centre adds capacity under VinFast's authorisation and does not replace existing workshops.
- Self-funded
- Set-up costs will be met by the company's shareholders and investors. We seek no funding from VinFast.
- Transparent
- Every fee, margin and relevant interest will be disclosed to VinFast in writing.
- Compliant
- We follow VinFast's code of conduct and Indian and US anti-corruption law in everything we do.
What we bring
- Transport-sector process knowledge
- Our promoters have delivered software and systems for state transport departments for N years; states and projects to confirm, including automated vehicle testing stations, automated driving test tracks, intelligent transport systems and licence and RC smart cards. We know the documentation and procedure for commercial registration, permits, fitness and driver licensing, and prepare each application correctly. All applications go through the ordinary channels on published fees.
- Operations, recruitment and sales
- A team that can recruit and train drivers, onboard fleets and run outreach to operators team size and experience to confirm.
- Operator contacts
- Existing contacts with cab operators and transport associations in Telangana, Karnataka and other states; names to confirm. We will open formal discussions once indicative fleet terms are available.
- Capital
- Set-up costs will be met by the company's shareholders and investors. Committed capital: ₹ amount to confirm. Investor details will be shared under NDA before any term sheet.
The team
- Vijay Mohan Rao
- Title. Transport-sector systems delivery to confirm.
- Anurag Reddy
- Title. Operations, recruitment and sales to confirm.
- Rajeev Bakshi
- Title. Co-promoter; automotive retail.
- Name
- Programme management, fleet reporting and digital tools to confirm.
- Service head
- Fleet service centre lead with OEM workshop experience to confirm.
Why now
Comment in WhatsAppThe opportunity
- VinFast registered 2,963 electric cars in India in September 2026, an 8.2% share and fourth place. April to September 2026 totalled 10,826.
- Green SM, VinFast's sister company, accounted for about a quarter of VinFast's registrations from April to July 2026, and the fleet-only Limo Green made up 46% of factory dispatches from April to June. Public reporting identifies Green SM as VinFast's principal fleet customer in India to date.
- VinFast's Thoothukudi plant opened in August 2025 with capacity for 50,000 vehicles a year.
- Abroad, Green SM already works with partner fleets. In the Philippines, 75 transport companies and cooperatives signed in May 2026 for up to 18,497 cars.
Independent operators can become a second source of commercial demand alongside Green SM. The Philippines programme shows Green SM already grows through partner fleets at scale. We want to bring a similar approach to Hyderabad and Bengaluru, with a local partner handling what operators need on the ground.
Sources: Autocar India (2 Oct 2026); The Core (27 Aug 2026); Autocar Pro (28 Jul 2026); VinFast investor relations (4 Aug 2025; 15 May 2026).
Why Hyderabad and Bengaluru
Vingroup signed a $3bn MoU with Telangana in December 2025 that includes an electric taxi fleet through Green SM. The Telangana government has directed its departments to buy or hire only EVs in core Hyderabad.
100% road tax and registration waiver for EVs, including taxis, until 31 December 2026. No extension announced. Cite the Telangana GO; confirm it covers taxi registration
Early registrations carry a clear cost advantage, and fleet growth makes service capacity important.
A large corporate and airport cab market market data to confirm.
A one-time lifetime tax of 5–10% on EVs, announced in April 2026 confirm it is in force and whether it covers commercial vehicles.
Running costs, not purchase tax, will carry the case for fleets.
Sources: Autocar Pro (Dec 2025); Siasat (12 Mar 2026); ETV Bharat (19 Aug 2026); Autocar India (15 Apr 2026).
What fleet operators need
Fleets buy on cost per kilometre and days on the road. Beyond the vehicle, they look for:
- quick service turnaround and spares when a car is off the road
- finance and leasing from banks and NBFCs
- clear resale and buyback terms
- charging at the depot, as well as on the road
- permits, registration and trained drivers in place from day one
What we propose: two tracks
Comment in WhatsAppWe find commercial fleet buyers in Hyderabad and Bengaluru and support each one from the first conversation to cars on the road. Vehicles are sold, invoiced and delivered by an authorised VinFast dealer.
- Customers
- Corporate cab vendors, airport and tourism operators, rental firms and owner-driver groups. Commercial use only.
- Vehicles
- Models chosen with VinFast for fleet use. The Limo Green is fleet-only; its price and commercial warranty are not published to confirm with VinFast.
- How cars are sold
- Sold, invoiced and delivered by an authorised VinFast dealer that VinFast nominates for each city.
- Our role
- Find and qualify buyers, and coordinate everything around the car for them (section 5.1).
- Pilot size
- Set from buyers' written expressions of interest. No volume is assumed in advance.
- Relationship
- Alongside Green SM and the dealer network. No exclusivity sought.
We intend to fund and run a fleet-focused service centre in Hyderabad, applying for authorised-workshop status on VinFast's standard terms.
- What
- A fleet-focused service centre for routine and running repairs, funded and run by us, applying for authorised-workshop status on VinFast's standard terms.
- Who it serves
- Commercial fleet vehicles in Hyderabad, including Green SM's if Green SM so agrees. Green SM is a separate company; any use of the centre by Green SM will be agreed with Green SM directly.
- Size and investment
- City, number of bays, vehicles per month, and ₹ investment.
- Viability
- Break-even at N vehicles a month from independent fleets alone; Green SM volume would be upside.
- Standards
- Built and run to VinFast's authorised-workshop requirements, led by a service head with OEM workshop experience to confirm. The centre will not open, perform warranty work, use VinFast's name or marks, or describe itself as authorised until VinFast grants written authorisation.
- Plan
- A service centre plan for VinFast's review within 60 days of receiving its workshop requirements.
What we deliver
Comment in WhatsApp5.1 Support for each fleet buyer
- Order and delivery
- Coordinate with the authorised dealer from specification to handover.
- Registration and permits
- Prepare and track commercial registration, permits and fitness through the ordinary channels.
- Finance
- Introduce finance and leasing options from banks and NBFCs, and help the buyer apply.
- Drivers
- Source and train drivers on the vehicle and on EV driving.
- Depot charging
- Plan depot charging with VinFast's existing charging partners.
- Service
- Route servicing to VinFast's authorised network and, once authorised, to our fleet service centre.
5.2 Monthly report to VinFast
Enquiries, buyer pipeline, orders placed, vehicles delivered, vehicle uptime, charging and service turnaround, and issues raised by fleets.
Why a fleet buyer would work with us
One point of contact for everything beyond the sale: order and delivery, registration and permits, finance, drivers, charging and service. The buyer does not have to chase half a dozen different parties. We work with the dealer, not instead of it, and we pass on to buyers only the delivery, pricing and warranty terms VinFast has confirmed in writing.
What we ask of VinFast
Comment in WhatsAppWe ask VinFast to sign a short, non-binding LOI (draft in Appendix A) confirming that it is willing to:
- explore Track A (fleet sales pilot) and Track B (fleet service centre) with us;
- name one contact for fleet enquiries and, at its discretion, inform the relevant Green SM team of the programme;
- share, under NDA, directly or through the dealer it nominates, indicative fleet price bands and commercial-warranty terms for the chosen models, so we can hold informed conversations with operators;
- consider fleet pricing and commercial-use warranty, service and buyback terms for qualified orders, case by case, through an authorised dealer it nominates;
- share its authorised-workshop requirements for Track B;
- allow us to describe the programme to prospective fleet buyers as "a proposed programme under discussion with VinFast India".
Not asked now
No funding, discount commitment, exclusivity or volume commitment, and no use of VinFast's logos or marks beyond the wording in item 6.
Once buyers are in place, we would discuss:
- Fleet pricing
- Volume-tiered fleet pricing for confirmed orders, set by VinFast and invoiced by the dealer to the buyer. Our planning target for the highest volume tier is up to 35% off ex-showroom price. We recognise this is ambitious and entirely VinFast's decision. Any fleet pricing is passed to the buyer; it is not a condition of the LOI and will not be quoted to buyers.
- Fleet terms
- Commercial-use warranty, service and buyback terms, and delivery scheduling for confirmed fleet orders.
- Service centre
- Workshop authorisation, parts supply and technician training.
Points we would like to understand from VinFast:
- Limo Green fleet price, availability and commercial warranty.
- Whether the assured buyback offered to private buyers can extend to fleets.
- Preferred models for commercial fleet use, and access to V-Green charging for fleet customers.
- Which authorised dealer VinFast would nominate in each pilot city.
Roadmap
Comment in WhatsApp7.1 Pilot milestones
Counted from the date the LOI is signed.
- Week 0
NDA, introductory meeting, LOI signed
Named contacts on both sides
- By Day 15
VinFast shares indicative fleet terms under NDA target
Outreach can begin
- Days 15–60
Outreach to N operators and transport associations in both cities
Shortlist of interested buyers
- +60 days
Service centre plan, counted from receipt of VinFast's workshop requirements
Plan for VinFast's review
- By Day 90
2–3 qualified fleet buyers with written expressions of interest, conditional on fleet terms; pilot plan; review with VinFast
Go / no-go for a term sheet
- Monthly
Progress report to VinFast
Shared pipeline and issues
- Months 4–12
First fleet deliveries; service centre opens if authorised
Pilot results targets to agree
7.2 Long-term ambition, reached in stages
Green SM's partner programme in the Philippines signed 75 operators for up to 18,497 cars. If the pilot works and supply allows, our ambition is to grow, stage by stage, to up to 1 lakh (100,000) commercial vehicles over three years, starting in South India. This is the upper bound of an ambition, not a forecast or commitment, and is for planning discussion with VinFast only.
Pilot in Hyderabad and Bengaluru; first service centre
GatePilot targets agreed with VinFast are met
More South Indian cities; more service capacity to agree
GateStage 2 targets are met
Further regions to agree
GateReviewed with VinFast
How we work together
Comment in WhatsApp8.1 Roles
- VinFast India
- Sets fleet terms case by case; names a contact; nominates the selling dealer; sets workshop standards; receives monthly reports; joins the Day 90 review.
- Authorised VinFast dealer
- Sells, invoices and delivers vehicles; handles warranty within VinFast's network.
- Green SM
- A separate company. Any use of the service centre is agreed with Green SM directly.
- Company name
- Finds and qualifies buyers; coordinates registration, permits, finance, drivers and charging; funds and runs the service centre once authorised; reports monthly.
- Fleet buyer
- Buys or leases vehicles and operates them with its own drivers.
8.2 Governance
- One named contact on each side.
- Our programme office keeps the buyer pipeline, buyer files and the monthly report, and can share a live pipeline view with VinFast.
- Any change to scope, cities or terms is agreed in writing. A joint review at Day 90.
8.3 How we earn
Our revenue will come from partners to decide: onboarding and fleet-support fees paid by fleet buyers, and service-centre revenue. Any payment we receive in connection with the programme will be disclosed to VinFast in writing.
8.4 Compliance and transparency
- An NDA before detailed terms are shared.
- We follow VinFast's code of conduct, the Prevention of Corruption Act 1988 and the US Foreign Corrupt Practices Act, and will cooperate fully with VinFast's due diligence, including disclosure of beneficial ownership.
- No payment, gift or favour to any public servant in connection with the programme beyond published statutory fees. Our government-related work is limited to registration and permit support for fleets, public tenders and the GeM portal.
- Our promoters' own contracts with government bodies will be reviewed for conflicts before the programme starts to confirm.
Disclosure of interests. One of our promoters, Mr Rajeev Bakshi, holds an interest in an existing authorised VinFast dealership in Delhi NCR. That dealership is not part of this proposal and is not proposed as the selling dealer in Hyderabad or Bengaluru; the selling dealer in each city will be the authorised dealer VinFast nominates. Mr Bakshi will step back from any decision in which that dealership has an interest, and the company will have no commercial arrangement with it without VinFast's written approval. Wording for Rajeev ji to approve
Risks and how we manage them
Comment in WhatsAppOperators wait for pricing before committing
We ask for indicative fleet terms under NDA (section 6.1) and measure buyers by written expressions of interest.
Fleet buyers take longer to commit
Start with operators we already know; size the pilot from signed interest; review at Day 90.
Depot charging is not ready
A charging plan for each buyer with VinFast's charging partners, agreed before delivery.
Service authorisation takes time
Track A does not depend on Track B. The centre opens only once authorised.
Permit and registration delays
Correct paperwork prepared in advance; filings start as soon as an order is placed.
Policy changes, such as Telangana's tax waiver ending on 31 Dec 2026
Prioritise early registrations in Hyderabad; plan Bengaluru economics including the lifetime tax.
Fleet pricing does not work for buyers
Pricing agreed case by case; no commitment on either side until a term sheet.
Next steps
Comment in WhatsApp- Partners close the open items and incorporate the company.
- NDA and an introductory meeting with VinFast India's commercial and fleet sales team.
- Discuss and sign the non-binding LOI.
- VinFast shares indicative fleet terms; outreach and service centre planning begin.
- Joint review at Day 90.
Contact: Name, designation, phone, email
Appendix A: draft Letter of Intent
Comment in WhatsAppDraft for discussion. VinFast may prefer its own template. To be reviewed by a lawyer before use.
Letter of Intent (non-binding)
Date: date
Parties: VinFast India Pvt Ltd, exact registered name and CIN to verify ("VinFast") and Company name, CIN number ("Partner").
Purpose
The parties wish to explore, without commitment, a commercial-fleet programme in Hyderabad and Bengaluru comprising (a) a fleet sales pilot in which Partner identifies and supports commercial fleet buyers, with vehicles sold, invoiced and delivered by an authorised VinFast dealer nominated by VinFast, and (b) a fleet service centre to be funded and operated by Partner, subject to VinFast's authorisation (together, the "Programme").
Intended steps
During the Term, VinFast is willing to: (a) nominate a point of contact; (b) at its discretion, inform the relevant Green SM entity of the Programme; (c) share, under the NDA, directly or through a dealer it nominates, and to the extent it considers appropriate, indicative fleet price bands and commercial-warranty terms, and its requirements for authorised service workshops; and (d) discuss, case by case and for qualified fleet orders, fleet pricing and commercial-use warranty, service and buyback terms. Partner intends to: (e) approach prospective fleet buyers; (f) submit a service centre plan within 60 days of receiving VinFast's workshop requirements; (g) deliver written expressions of interest from two to three fleet buyers and a pilot plan within 90 days of the date of this letter; (h) report progress monthly; and (i) meet its own costs.
Non-binding
Except clauses 4 to 11 (the "Binding Clauses"), this letter records present intention only. It does not oblige either party to negotiate, enter into any agreement, or purchase, sell, supply, authorise, price, pay or invest, and either party may end discussions at any time without liability. Any arrangement will be set out in separate definitive agreements; no agreement arises from conduct, part performance or course of dealing.
No agency, partnership or exclusivity
Nothing in this letter creates an agency, partnership, joint venture, franchise, dealership or employment relationship. Partner is not VinFast's agent or representative, cannot bind VinFast, and will not hold itself out as an authorised dealer, service centre, agent or representative of VinFast or Green SM. Neither party is restricted from dealing with any third party.
Names and marks
Partner may describe the Programme to prospective fleet buyers only as "a proposed programme under discussion with VinFast India". Partner will not use VinFast's or Green SM's names, logos or marks in any publicity, signage, domain or marketing material, and will make no public statement about the Programme, without VinFast's prior written consent. VinFast will not publicly name Partner without Partner's consent.
Confidentiality
Subject to clause 5, each party will keep confidential all information received from the other in connection with the Programme, including the existence and terms of this letter and the identity of prospective buyers, in accordance with the non-disclosure agreement dated date or, if none is in force, will use it only for the Programme, disclose it only to persons who need to know, and protect it as it protects its own confidential information. This clause survives for three years after expiry.
Costs; no reliance
Each party bears its own costs. Neither party has relied on any statement not set out in this letter, and neither will claim against the other for reliance, expenditure or lost opportunity arising from this letter or from discussions ending.
Compliance
Each party will comply with the Prevention of Corruption Act 1988, the US Foreign Corrupt Practices Act and other applicable anti-corruption, anti-money-laundering and sanctions laws, and Partner will adhere to VinFast's Code of Conduct as supplied to it. Partner represents that none of its owners, directors or officers is a public servant; that it will not offer, promise or make any payment, gift or favour to any public servant in connection with the Programme beyond published statutory fees; and that it will cooperate fully with VinFast's third-party due diligence, including disclosure of its beneficial ownership and of any interest of its promoters in any VinFast dealership.
Data protection
Each party is an independent data fiduciary under the Digital Personal Data Protection Act 2023 (as brought into force) for personal data it processes, will share only such personal data as is necessary for the Programme, and will process it lawfully and securely.
Term
This letter expires six months after the date of the last signature unless extended in writing, or earlier on written notice by either party. Clauses 4, 5, 7, 8, 9 and 11 survive expiry; clause 6 survives for the period stated in it.
Governing law and disputes
The Binding Clauses are governed by Indian law. The parties will first attempt to resolve any dispute amicably within 30 days; failing that, the courts at New Delhi or Hyderabad have exclusive jurisdiction.
For VinFast: authorised signatory (name, title, date)
For Company name: director, pursuant to board resolution dated date (name, title, date)
Appendix B: sources
Comment in WhatsApp- Sep 2026 registrations (2,963; 8.2%; #4); Apr–Sep total (10,826)Autocar India, 2 Oct 2026
- Green SM about a quarter of registrations, Apr–Jul 2026The Core, 27 Aug 2026
- Limo Green 46% of Apr–Jun dispatches; fleet-onlyAutocar Pro, 28 Jul 2026
- Thoothukudi plant, Aug 2025, 50,000 a yearVinFast investor relations, 4 Aug 2025
- Philippines: 75 operators, up to 18,497 carsVinFast investor relations, 15 May 2026
- Vingroup $3bn Telangana MoU, Dec 2025Autocar Pro, Dec 2025
- EV-only purchase or hire by Telangana departments, core HyderabadSiasat, 12 Mar 2026
- Telangana EV road-tax and registration waiver to 31 Dec 2026ETV Bharat, 19 Aug 2026
- Karnataka plan to reintroduce a 5–10% lifetime tax on EVs, Apr 2026Autocar India, 15 Apr 2026
- Free V-Green charging to 31 Mar 2029Autocar India, 18 Mar 2026
- Assured buyback for private retail buyersBBC TopGear India, 17 Feb 2026
- VinFast Code of Conduct (v3, Jul 2025)VinFast
Before this goes to VinFast
Comment in WhatsAppThese decisions sit with the partners. Each one replaces a highlighted item in the proposal.
How we earn
Buyer fees and service revenue in the VinFast version. A per-vehicle fee from VinFast or its dealer would contradict "no funding from VinFast" and invite intermediary checks; raise it, if at all, after the Day 90 review.
Disclosure wording
Approve the disclosure in section 8.4.
Company
Name, incorporation, shareholding, directors and LOI signatory.
Capital
Committed amount, investors, and timing.
Operators
Three named operators or associations per city (internal list).
Service centre
City, bays, investment, service head. Confirm the centre will serve independent fleets: the draft assumes yes (section 4, break-even from independent fleets alone), while the 24 Oct note said Green SM only. If not, Track B must be reframed.
Outreach trigger
Confirm outreach starts once VinFast shares indicative terms under NDA.
Lead city
Hyderabad or Bengaluru first.
35% in the VinFast version
Keep the reframed planning target, or raise it only in conversation.