ixigo Sells 17.39% Stake in Fresh Bus for ₹36.6 Crore
Traveltech company ixigo has agreed to sell a 17.39% stake in its electric bus startup Fresh Bus to Twelve Stone LLP for ₹36.6 crore. Following the transaction, ixigo's stake will reduce to 8.27%.
Listed traveltech firm ixigo announced it will sell a 17.39% stake in its electric intercity bus subsidiary, Fresh Bus, to Twelve Stone LLP for ₹36.6 crore. The transaction is expected to be completed by August 30.
Upon completion, ixigo's shareholding in Fresh Bus will decrease from 25.66% to 8.27%, resulting in Fresh Bus no longer being classified as an associate company. Fresh Bus operates a full-stack EV bus platform and competes with companies like GreenCell Express and IntrCity SmartBus.
The sale comes as ixigo has been actively pursuing acquisitions, recently expanding into Europe with the purchase of Spanish train OTA platform Trenes and AI company Sqaas. Domestically, ixigo's board has approved the acquisition of a majority stake in Brevistay and investments in AI startups ProactAI and Vestra.AI.
In its latest financial results, ixigo reported a consolidated profit after tax of ₹34.2 crore for Q1 FY27, an 81% year-on-year increase. Operating revenue grew 13% year-on-year to ₹356.8 crore.