Now Reading: ixigo sells 17.39% Fresh Bus stake for Rs 36.6 crore
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ixigo sells 17.39% Fresh Bus stake for Rs 36.6 crore
ixigo has agreed to sell a 17.39% stake in electric intercity bus startup Fresh Bus to Twelve Stone LLP for Rs 36.6 crore, according to an exchange filing by its parent Le…
The Story in Brief
ixigo has agreed to sell a 17.39% stake in electric intercity bus startup Fresh Bus to Twelve Stone LLP for Rs 36.6 crore, according to an exchange filing by its parent Le Travenues Technology. The stake sale, priced at Rs 7,911 per CCPS, will reduce ixigo's holding from 25.66% to 8.27%, making Fresh Bus no longer an associate company.
The transaction is expected to close by August 30. Twelve Stone's designated partners include Fresh Bus founder Sudhakar Reddy Chirra. ixigo first invested in Fresh Bus in October 2022 at Rs 2,344 per share. The sale comes as ixigo pursues acquisitions in Europe and AI ventures.
The Indian Opinion
ixigo selling its Fresh Bus stake at nearly 3.4 times its initial investment looks like a smart exit on paper, especially given the Rs 11.22 crore loss booked from the startup in FY26. But the narrative that EV mobility bets are being replaced by European train ticketing and AI startups should not ignore that Fresh Bus itself is still in a capital-intensive growth phase. The real test will be whether ixigo's new acquisitions generate better returns than what Fresh Bus could have delivered as a long-term associate.
Source: inc42.com
This story was synthesised by AI from the source linked above.
