Kolors, a Mexican startup known for connecting intercity bus riders, acquired Urbvan, a corporate van-pooling service, for $12M.
The acquisition helps Kolors offer more services within cities, not just between them. It also allows them to attract business travelers and expand to 40 cities in Mexico.
“The main reason for the acquisition was to complement Kolors’s digital mass mobility ecosystem and offer our millions of passengers complementary mobility alternatives, especially when 30% of Kolors passengers travel for work and an employer paid for the tickets,” said Rodrigo Martínez, CEO and founder.
Kolors planned to merge its services with Urbvan’s in 2023 and intended to use Urbvan’s client base to expand into the US and other regions by late 2024.
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