Ibn-e-Batuta literally means son of Batuta, but frankly, that meaning has nothing to do with the song of Ishqiya.
In Ishqiya, Ibn-e-Batuta simply means the Moroccan Muslim Scholar called Ibn-e-Batuta or Ibnbatuta who used to travel and write extensively about his journeys. Here Gulzar has used the name of Ibn-e-batuta in a light mood to express a traveler. As the line goes, Ibn-e-Batuta, Bagal mein Joota, which means he's ready to walk at any time, though here it is again followed by pehne to karta hai churrrr, which makes it all fun. But at the same time, if you listen to the entire song, it simply tells you how to travel and live life, even though in its own funny manner.