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 crore. The transaction involves the sale of 46,264 compulsorily convertible preference shares (CCPS) at ₹7,911 apiece. After the deal, ixigo’s stake in Fresh Bus will reduce from 25.66% to 8.27%, and Fresh Bus will no longer be an associate company of ixigo. The sale is expected to close by August 30, according to an exchange filing by ixigo’s parent, Le Travenues Technology (inc42.com).
The stake sale to Twelve Stone LLP, whose designated partners include Fresh Bus founder and managing director Sudhakar Reddy Chirra and Sasya Chirra, is not classified as a related-party transaction by ixigo. ixigo initially invested in Fresh Bus in October 2022, acquiring 68,258 CCPS and one equity share at ₹2,344 per share. As of March 31, 2026, ixigo’s investment in Fresh Bus was valued at ₹18.87 crore in its consolidated financial statements, representing 0.96% of its net worth (inc42.com).
Fresh Bus, founded in 2019 by Sudhakar Chirra, operates a full-stack electric vehicle bus platform featuring noise-free air-conditioned cabins, IoT-enabled real-time air quality and temperature monitoring, security CCTV, personal charging docks, Wi-Fi, real-time tracking, and alcohol checks. It competes with companies such as GreenCell Express, IntrCity SmartBus, ZingBus, and gogoBus in the online bus aggregator and operator market. The stake sale reflects ixigo’s strategic adjustment in its investment portfolio within the growing electric intercity bus sector (inc42.com).
The transaction is scheduled for completion on or before August 30, 2026, after which ixigo’s stake in Fresh Bus will stand at 8.27%, marking a significant reduction from its previous holding (inc42.com).