Kolors Accelerates Its Digital Mass Mobility Leadership Position in Mexico with the Strategic Acquisition of SWVL's Urbvan, Allowing Kolors to Take Full Advantage of the Nearshoring Opportunity Through Its Asset-Light Model, Tech, Data, and Passenger Experience Optimization Platform

MEXICO CITY, Sept. 13, 2023 /PRNewswire/ -- Kolors, the first digital intercity mass mobility ecosystem in Mexico and the US transporting over two million passengers, today announced the acquisition of Urbvan, the Mexican tech-enabled B2B personnel transportation platform of SWVL. This strategic acquisition positions Kolors to capitalize on the high-growth Mexican nearshoring opportunity and expand into the $40B global corporate personnel transportation market, alongside the already existing $100B intercity bus market Kolors serves.

Through Kolors' asset-light model, the company partners with small and medium fleet operators while utilizing airline-style tech and a data-driven approach to provide the best passenger experience in ground mass transportation. With the addition of Urbvan's profitable tech-enabled B2B personnel transportation services, Kolors will now also offer door-to-door mobility solutions for business travelers and provide personnel transportation to corporate offices, business parks, factories, and distribution centers.

The expanded ecosystem enables cross-promotion between Kolors' intercity bus network serving millions of passengers and Urbvan's corporate client base of hundreds of clients in the region including the largest e-commerce, banks, CPG, education, etc. companies. For customers, this means seamless access to complementary mobility services for all their business and personal travel needs.

Kolors estimates it will achieve over $100 million in annualized revenue within 12-18 months as a result of this synergistic acquisition.

"This acquisition turbocharges our growth and cements our leadership in next-generation ground mass mobility solutions," said Kolors co-founders Rodrigo Martinez and Anca Gardea. "We are thrilled to welcome Urbvan's customers into the Kolors family."

Kolors is backed by top mobility investors including UBER co-founder Garrett Camp, Chris Sacca, Toyota Ventures, UP.Partners, Maniv Mobility, Tuesday Capital among many other great investors. The company aims to transform ground mass mobility globally through its innovative technology platform and complementary service offerings.

About Kolors:

Kolors is the first digital mass mobility ecosystem operating in both Mexico & the US. Through its "UBER" like asset-light model, airline-style technology and data driven approach Kolors is revolutionizing ground mass mobility including the intercity bus (motorcoach) and the B2B personnel transportation industry.

For additional information please visit: www.ridekolors.com

About Urbvan:

Urbvan is a profitable tech-enabled mass transportation company using a triple-sided marketplace that connects organizations, users and third-party vehicles, mainly focused on B2B personnel transportation with hundreds of clients and millions of passengers. Urbvan raised funds from some of the largest Latin American early-stage funds, such as; Kaszek Ventures, Angel Ventures, DILA Capital, Mountain Nazca and Capria. Urbvan was co-founded by Renato Picard and Joao Matos Albino in 2016 and acquired by SWVL in 2022.

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SOURCE Kolors