Le Travenues Technology, the parent company of travel booking platform ixigo, has agreed to sell its 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 reduce from 26.66% to 8.27%, and the startup will no longer be classified as an associate company of ixigo.
Stake sale to Twelve Stone LLP
The stake is being acquired by Twelve Stone LLP, whose designated partners include FreshBus founder and Managing Director Sudhakar Reddy Chirra and Sasya Chirra.
According to ixigo’s regulatory filing, the transaction is not classified as a related-party transaction, despite the involvement of FreshBus founder Sudhakar Reddy Chirra in the acquiring entity.
The divestment marks a significant reduction in ixigo’s strategic investment in the electric bus startup, while allowing FreshBus to continue under its existing leadership.
ixigo’s investment in FreshBus
ixigo had backed FreshBus as part of its broader strategy to strengthen its presence in the intercity travel ecosystem. As of March 31, 2026, the company’s investment in FreshBus was valued at Rs 18.87 crore.
The transaction will allow ixigo to partially monetize its investment while continuing to retain a minority stake of 8.27% in the company.
FreshBus’ funding journey
Founded by Sudhakar Reddy Chirra, FreshBus operates an electric intercity bus platform focused on sustainable mobility.
The startup raised Rs 87.5 crore ($10.5 million) in its Series A funding round in August 2024, led by Maniv Mobility, with participation from Shell Ventures, Alteria Capital, and Riverwalk Holdings.
Before that, FreshBus secured Rs 7.5 crore from prominent investors including CRED founder Kunal Shah, TVS Motor Managing Director Sudarshan Venu, and Rivigo founder Deepak Garg. ixigo had also participated in the startup’s earlier funding rounds.
Despite attracting strong investor interest, FreshBus reported a net loss of Rs 11.22 crore in FY26, according to ixigo’s filing.
Strategic connection with AbhiBus
FreshBus founder Sudhakar Reddy Chirra previously built AbhiBus, one of India’s leading online bus ticketing platforms.
In 2021, ixigo acquired AbhiBus through a cash and stock transaction, significantly expanding its presence in the bus travel segment. The investment in FreshBus followed that acquisition as ixigo explored opportunities in the rapidly growing electric mobility and intercity transport space.
With the latest transaction, ixigo appears to be streamlining its investment portfolio while retaining a smaller strategic interest in FreshBus.
The deal also comes at a time when India’s electric mobility ecosystem continues to attract investor interest, particularly in commercial and shared transportation solutions aimed at improving sustainability and reducing operating costs.
