ixigo To Sell 17.39% Fresh Bus Stake For ₹36.6 Cr

Listed traveltech company ixigo has agreed to sell a 17.39% stake in electric intercity bus startup Fresh Bus to Twelve Stone LLP for ₹36.6 Cr. 

In an exchange filing, ixigo’s parent Le Travenues Technology said it will sell 46,264 CCPS of Fresh Bus at ₹7,911 apiece. 

Following the completion of the transaction, ixigo’s stake in Fresh Bus will decline from 25.66% to 8.27%. Consequently, Fresh Bus will cease to be an associate company of ixigo. 

The transaction is expected to be completed on or before August 30.

Twelve Stone’s designated partners are Fresh Bus founder and MD Sudhakar Reddy Chirra and Sasya Chirra. ixigo said the deal does not fall under the ambit of a related-party transaction. 

Founded in 2019 by second-time entrepreneur Sudhakar, Fresh Bus manages a full-stack EV bus platform. The startup claims that its electric buses have noise-free air-conditioned cabins, IOT-enabled real-time air-quality and temperature monitoring, security CCTVs, personal charging docks, Wi-Fi, real-time tracking and alcohol checks.

It competes against GreenCell Express, IntrCity SmartBus, ZingBus and gogoBus in the online bus aggregator and operator market.

ixigo first invested in Fresh Bus under an investment and shareholders’ agreement signed in October 2022. It acquired 68,258 CCPS and one equity share in the startup at ₹2,344 apiece. 

As of March 31, 2026, ixigo’s investment in Fresh Bus was valued at ₹18.87 Cr in its consolidated financial statements, accounting for 0.96% of its net worth. ixigo also recognised a ₹11.22 Cr share of loss from Fresh Bus in FY26. 

The stake sale comes amid ixigo’s acquisition spree. Earlier this year, the company announced its expansion into Europe through two different acquisitions in Spain-based train OTA platform Trenes (60% stake for €11.7 Mn) and AI company Sqaas ( 45.02% stake for €450K).

Later, ixigo’s board approved the acquisition of a majority stake in hotel booking startup Brevistay for ₹65.7 Cr. Besides, ixigo’s board also approved stake acquisitions in two AI startups – ProactAI  and Vestra.AI for about ₹12 Cr. 

Besides, reports claimed that ixigo was in advanced discussions to acquire the promoters’ stake in Yatra Online. However, Yatra later denied the reports.

On the financial front, ixigo’s consolidated PAT jumped 81% YoY to ₹34.2 Cr in Q1 FY27 from ₹18.9 Cr in the year-ago quarter. Operating revenue rose 13% YoY and 16% QoQ to ₹356.8 Cr. 

At 11:38 IST, shares of ixigo were trading 1.1% higher at ₹173.9 apiece on the BSE.

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