Uzum is the first Uzbek unicorn startup with a valuation of $1.16 billion
Uzbek startup Uzum, specializing in online commerce, financial technology and food delivery, became the first unicorn in the republic with a value of $1.16 billion. It raised $114,000,000 in funding.
The startup intends to use two-thirds of the new funding to improve its fintech segment, and the rest to develop e-commerce. Uzum plans to develop products for unsecured lending for individuals, as well as small and medium-sized businesses. The company also plans to invest in its own IT infrastructure and logistics systems.
By the end of this year, Uzum plans to consolidate all its offerings into two super apps, one targeting the consumer segment and the other targeting the business sector.
In the summer, the startup will launch the largest logistics complex for e-commerce in Uzbekistan. At the initial stage, its area will be about 112 thousand square meters, but in the future it will be expanded to more than 500 thousand square meters.
As noted by founder and CEO of Uzum, Jasur Jumaev, previously Uzbeks made online purchases through social networks, communicating with sellers through special groups.
But these sellers had a limited number of products. They also had no logistical support.
Uzum began by creating logistics systems, a fleet of vehicles and pick-up points that provide next day delivery. The company quickly entered the financial technology space with its buy now, pay later (BNPL) service. According to Jumaev, about 45-50% of e-commerce transactions are made through the BNPL service. Uzum has also expanded its activities into food delivery and created a digital bank.
Jasur Jumaev sees the startup's potential in what Amazon has done in many other countries - a marketplace offering comprehensive logistics and delivery.
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