Uzum became the first "unicorn" in Uzbekistan - Forbes
Uzbekistan
Forbes magazine reports on a significant event in the IT world: Uzbek digital ecosystem Uzum, founded by Djasur Djumaev and partners, has attracted more than $100 million in investment.
The amount of investment is impressive: $50 million in the company's capital and $50 million in the form of a loan. The lead investor was FinSight Ventures, and other participants in the round included Xanara Investment Management, a management company from India, and Uzum's top managers. As a result of the deal, the company's valuation reached $1.1bn, making Uzum the first "unicorn" - a startup with a billion-dollar valuation - in Uzbekistan.
Uzum demonstrates not only rapid growth, but also ambitious plans for the future. The company plans to:
To build the country's largest logistics complex: 112,000 square metres by 2024, and increase warehouse capacity to 500,000 square metres in two years.
Triple the number of order pick-up points: covering all settlements in the country with a population of more than 10,000 people.
Launch new digital services: both for business and private users, and fund an instalment service.
Conduct an IPO in 2026: on the Tashkent Exchange and/or Abu Dhabi Exchange, with parallel offerings in Western markets.
Today, Uzum is already a leader in a number of key areas:
Monthly audience: 10 million people.
Net profit in 2023: $100 million.
Profit leader: retail banking and fintech unit.
Largest online platform: e-commerce with about $150 million in revenue.
Uzum Marketplace: among the top 3 by number of downloads in Uzbekistan.
Uzum Nasiya instalment service: 1.3 million purchases in 2023.
Employees: 10,000 people, 1,000 of whom are developers.
The success of Uzum is due to a number of factors:
A young population: more than 60 per cent of the country's residents are under 30 years old.
Active growth of internet penetration: 32 million users by 2026.
Uzbekistan is the first country in the CIS with 5G.
High potential for fintech growth: only 44% of Uzbeks had bank accounts in 2021.
Government support: economy, IT and e-commerce.
Uzum is not just a company, it is a symbol of a new stage of development of the IT sphere in Uzbekistan. By becoming the first "unicorn" of the country, Uzum has demonstrated to the world the huge potential of the Uzbek market and opened new opportunities for the development of e-commerce and fintech sector.
Uzum demonstrates not only rapid growth, but also ambitious plans for the future. The company plans to:
To build the country's largest logistics complex: 112,000 square metres by 2024, and increase warehouse capacity to 500,000 square metres in two years.
Triple the number of order pick-up points: covering all settlements in the country with a population of more than 10,000 people.
Launch new digital services: both for business and private users, and fund an instalment service.
Conduct an IPO in 2026: on the Tashkent Exchange and/or Abu Dhabi Exchange, with parallel offerings in Western markets.
Today, Uzum is already a leader in a number of key areas:
Monthly audience: 10 million people.
Net profit in 2023: $100 million.
Profit leader: retail banking and fintech unit.
Largest online platform: e-commerce with about $150 million in revenue.
Uzum Marketplace: among the top 3 by number of downloads in Uzbekistan.
Uzum Nasiya instalment service: 1.3 million purchases in 2023.
Employees: 10,000 people, 1,000 of whom are developers.
The success of Uzum is due to a number of factors:
A young population: more than 60 per cent of the country's residents are under 30 years old.
Active growth of internet penetration: 32 million users by 2026.
Uzbekistan is the first country in the CIS with 5G.
High potential for fintech growth: only 44% of Uzbeks had bank accounts in 2021.
Government support: economy, IT and e-commerce.
Uzum is not just a company, it is a symbol of a new stage of development of the IT sphere in Uzbekistan. By becoming the first "unicorn" of the country, Uzum has demonstrated to the world the huge potential of the Uzbek market and opened new opportunities for the development of e-commerce and fintech sector.
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