Travel Platform To Exit Associate Status As Twelve Stone Acquires Stake In Electric Bus Startup
Travel booking platform ixigo, through its parent company Le Travenues Technology, has agreed to sell a 17.39% stake in electric intercity bus startup FreshBus to Twelve Stone LLP for Rs 36.6 crore, according to a regulatory filing.
The transaction, agreed on August 13, is expected to be completed by August 30. Following the sale, ixigo’s shareholding in FreshBus will decline from 26.66% to 8.27%, ending FreshBus’ status as an associate company of the listed travel platform.
The move marks a significant change in ixigo’s investment in the EV-focused bus startup, which it had backed during its early growth phase.
Stake Sale To Twelve Stone LLP
As per the filing, the stake will be acquired by Twelve Stone LLP, whose designated partners include FreshBus founder and Managing Director Sudhakar Reddy Chirra and Sasya Chirra.
The company clarified that the transaction does not qualify as a related-party transaction under applicable regulations.
Once the transaction is completed, FreshBus will no longer be classified as an associate company in ixigo’s financial statements.
ixigo’s Investment Journey In FreshBus
ixigo has been an investor in FreshBus since the startup’s early fundraising rounds.
According to the company’s latest disclosures, ixigo’s total investment in FreshBus stood at Rs 18.87 crore as of March 31, 2026.
Despite expanding its operations, FreshBus reported a net loss of Rs 11.22 crore in FY26, reflecting its continued investment in growth and network expansion.
The latest transaction provides ixigo with a partial exit while retaining a minority stake of 8.27% in the company.
FreshBus Continues To Attract Investors
FreshBus has raised multiple funding rounds over the past few years to expand its electric intercity bus operations.
In August 2024, the startup secured Rs 87.5 crore ($10.5 million) in a Series A funding round led by Maniv Mobility, with participation from Shell Ventures, Alteria Capital, and Riverwalk Holdings.
Before that, FreshBus raised Rs 7.5 crore from several prominent angel investors, including:
- Kunal Shah, Founder of CRED
- Sudarshan Venu, Managing Director of TVS Motor
- Deepak Garg, Founder of Rivigo
ixigo also participated in the company’s earlier fundraising rounds, strengthening its strategic relationship with the startup.
Founder Has Strong Industry Experience
FreshBus was founded by Sudhakar Reddy Chirra, a well-known entrepreneur in India’s bus travel industry.
Before launching FreshBus, Chirra built AbhiBus, one of India’s leading online bus ticketing platforms.
In 2021, ixigo acquired AbhiBus through a combination of cash and stock, expanding its presence in the online bus travel segment.
The latest stake sale represents a new phase in the relationship between ixigo and FreshBus, with the startup now moving beyond associate status while continuing its expansion in the electric intercity mobility market.
Strategic Portfolio Realignment
For ixigo, the transaction appears to be part of a broader portfolio optimization strategy as the listed company sharpens its focus on its core travel technology business.
Although it will reduce its holding substantially, ixigo will continue to remain a shareholder in FreshBus with an 8.27% stake, allowing it to retain exposure to the fast-growing electric mobility sector while unlocking value from its earlier investment.
With India’s electric intercity transportation market gaining momentum, FreshBus is expected to continue expanding its fleet and network, supported by capital from institutional and strategic investors.
