Uzum is an e-commerce startup in Uzbekistan that offers online shopping, fintech services, and food deliveries. Recently, the company raised $114 million in funding, making it the country’s first unicorn with a valuation of $1.16 billion.
Uzbekistan is a promising market for startups, with a population where people under 30 make up about 60%. The country also boasts a near 100% literacy rate, over 76% internet penetration, and more than 75% smartphone penetration. Despite these favorable conditions, e-commerce services in the country are lacking, with the sector representing only 2.2% of the total retail market as of December 2022.
Recognizing this gap, Uzum was founded to provide a comprehensive online marketplace with end-to-end logistics and delivery services. Since its launch in October 2022, Uzum has gained over 8 million monthly active users and has more than 9,000 merchants selling over 600,000 SKUs. The startup recorded a GMV of $150 million in its first year of operations and anticipates reaching a run-rate GMV of at least $300 million this year.
In addition to its e-commerce platform, Uzum has expanded into fintech with a buy-now-pay-later product and also ventured into the food delivery business. The startup has plans to further develop its fintech offerings, expand its credit portfolio, and increase its total payment volume through its ecosystem.
With the successful completion of its Series A funding round, led by FinSight Ventures, Uzum intends to use the funds to strengthen its fintech business, enhance its e-commerce division, and invest in IT and logistics infrastructure. The startup also has plans to raise $200 million in a Series B round from investors in the Middle East, U.K., and the U.S.
By the end of the year, Uzum aims to consolidate all its operations into two super apps and launch the country’s largest logistics complex for e-commerce. The startup has set ambitious goals to significantly increase its GMV, grow its credit portfolio, and expand its payment volume through its ecosystem.
With its unique position in the market and diverse range of services, Uzum aims to become a national tech leader in Uzbekistan.
