Kolors, a Mexico City-based startup, acquires Urbvan for $12 million to transform corporate bus travel
Kolors, a Mexico City-based startup that’s reshaping the intercity bus sector in Latin America, has acquired B2B van-pooling service provider startup Urbvan in a deal valued at $12 million in cash to boost corporate bus travel. Before the acquisition, the profitable Urbvan was under the ownership of Swvl, a competitor to Kolors based in Dubai.
The move is aimed at taking advantage of the thriving Mexican nearshoring market. By making this strategic acquisition, Kolors is setting itself up to seize the lucrative Mexican nearshoring potential and broaden its presence in the global corporate personnel transportation sector, which is valued at $40 billion. This expansion also complements Kolors’ existing role in the $100 billion intercity bus market that it currently serves.
Rodrigo Martínez, the CEO and co-founder of Kolors, previously said the company’s service is like “if Uber and Southwest Airlines had a baby.” He revealed that the merged service resulting from this acquisition will now be accessible in 40 cities throughout Mexico. Urbvan, currently serving 24 cities in Mexico, extends its reach from Tijuana to Cancún.
In a statement, Kolors co-founders Rodrigo Martinez and Anca Gardea said:
“This acquisition turbocharges our growth and cements our leadership in next-generation ground mass mobility solutions. We are thrilled to welcome Urbvan’s customers into the Kolors family.”
Thanks to this strategic acquisition, Kolors anticipates achieving an annualized revenue of over $100 million within the next 12 to 18 months.
Kolors has garnered support from prominent investors in the mobility sector, including UBER co-founder Garrett Camp, Chris Sacca, Toyota Ventures, UP.Partners, Maniv Mobility, Tuesday Capital, and other esteemed backers. The company is on a mission to reshape global ground mass mobility with its innovative technology platform and complementary services.
Kolors stands out as the pioneer in the digital mass mobility ecosystem, operating in both Mexico and the United States. Using an asset-light model akin to UBER, coupled with cutting-edge technology and a data-driven approach, Kolors is revolutionizing ground mass mobility, encompassing intercity buses (motorcoaches) and B2B personnel transportation.