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Mexican Unicorn Kavak to Exit Peru and Colombia Indefinitely

Mexican unicorn Kavak, citing global macroeconomic factors, announces its indefinite withdrawal from Peru and Colombia, effective January 2024.

Kavak, the Mexican unicorn that sells used cars online, announced on Friday that it will be exiting Peru and Colombia indefinitely. The company will cease operations in both countries on January 1, 2024.

In a statement, Kavak said the decision was made "after a year of evaluating the opportunity in different markets in the region, and given the global and local macroeconomic context, and the outlook for the coming months."

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