Travel Booking Platform ixigo Sells Stake in FreshBus

Travel booking platform ixigo has announced its decision to sell a 17.39% stake in electric intercity bus startup FreshBus to Twelve Stone LLP for Rs 36.6 crore. The regulatory filing indicated that this agreement was reached on August 13 and is anticipated to be finalised by August 30. Post-transaction, ixigo’s ownership in FreshBus is set to decrease from 26.66% to 8.27%. Consequently, FreshBus will no longer be classified as an associate of ixigo.

Details of the Transaction

The acquisition will be made by Twelve Stone LLP, which includes designated partners like FreshBus founder and managing director Sudhakar Reddy Chirra and Sasya Chirra. According to the filing, this transaction is not categorised as a related party transaction.

ixigo’s Investment History with FreshBus

ixigo had previously invested Rs 18.87 crore into FreshBus as of March 31, 2026. FreshBus reported a loss amounting to Rs 11.22 crore in FY26. In August 2024, FreshBus successfully raised Rs 87.5 crore in its Series A funding round, led by Maniv Mobility, with contributions from Shell Ventures, Alteria Capital, and Riverwalk Holdings. Moreover, the startup had initially secured Rs 7.5 crore from notable investors such as Kunal Shah, founder of CRED, TVS Motors MD Sudarshan Venu, and Rivigo founder Deepak Garg, all of whom were also backers of FreshBus.

The Founders and Their Background

FreshBus was established by Sudhakar Reddy Chirra, who previously created the bus aggregator AbhiBus. In 2021, ixigo expanded its portfolio by acquiring AbhiBus through a combination of cash and stock.