Uzbekistan's first unicorn, Uzum, has emerged as a game-changer in the country's e-commerce market. With a valuation of $1.16 billion, Uzum has raised $114 million in its Series A funding round, positioning itself as a leading player in the online shopping, fintech, and food delivery sectors. The startup has tapped into a promising market, with a young population and high literacy and internet penetration rates.
Despite the country's significant potential, e-commerce services have been lacking, accounting for only 2.2% of Uzbekistan's retail market. Uzum aims to fill this gap by offering a comprehensive marketplace with end-to-end logistics and delivery services.
Since its launch in October 2022, Uzum has garnered over 8 million monthly active users and more than 9,000 merchants, surpassing the offerings of traditional street bazaars. In addition to its e-commerce platform, Uzum has expanded into fintech, introducing a buy-now-pay-later solution that accounts for nearly half of its e-commerce transactions.
The startup has also entered the food delivery business and established a digital bank to further drive its growth. The Series A funding, led by FinSight Ventures, will be allocated to expanding Uzum's fintech business and enhancing its e-commerce infrastructure.
The startup plans to raise an additional $200 million in a Series B round to support its growth ambitions. Uzum aims to consolidate its businesses into two super apps, catered to consumers and businesses respectively, and launch a large-scale logistics complex for e-commerce. With its unique combination of e-commerce and fintech services, Uzum is well-positioned to become a national tech leader in Uzbekistan, following the footsteps of successful super app models in neighboring countries.
