26/03/2024
uzum an e-commerce startup offering online shopping, fintech and food deliveries to millions of customers in Uzbekistan, has raised $114 million in funding, becoming the country’s first unicorn with a valuation of $1.16 billion.
Uzum recognized the opportunity to create a comprehensive marketplace akin to Amazon. It established logistics, a fleet, and pickup points for next-day deliveries. Since its launch in October 2022, it has gained over 8 million monthly active users and 9,000+ merchants.
Following its success in e-commerce, Uzum ventured into fintech with a buy-now-pay-later (BNPL) product, which constitutes a significant portion of its transactions. It also entered the food delivery business and established a digital bank.
The startup secured $114 million in a Series A round, with plans to raise $200 million in a Series B round. Funds will primarily support fintech expansion and e-commerce infrastructure enhancement. Uzum aims to combine its businesses into two super apps and launch a large logistics complex for e-commerce.
While similar global companies exist, Uzum perceives little competition in Uzbekistan due to its diverse service offerings and potential for higher margins by integrating e-commerce and fintech services.
Investors, led by Fin Sight Ventures, express confidence in Uzum's potential to become a national tech leader in Uzbekistan, drawing parallels to successful ventures in neighboring regions like Kazakhstan's Kaspi.kz.