Just in, Uzbekistan’s tech pioneer, Uzum, has achieved an impressive valuation of $1.16 billion.
With a successful funding round that raised $114 million, Uzum offers a wide range of services including online shopping, fintech solutions, and food delivery. An illustration of what’s blossoming in Uzbekistan’s tech sector.
From food delivery to online shopping, Uzum is determined to meet the ever-changing needs of today’s customer. The rising valuation speaks to the trust investors have in this ambitious tech firm.
Launched in October 2022, Uzum is already serving over 8 million users per month with diverse products from around 9,000 merchants. Next-day delivery is guaranteed, thanks to a well-established logistic system, demonstrating their dedication to customer satisfaction.
In its first year, Uzum hit a Gross merchandise value (GMV) of $150 million.
Uzum’s billion-dollar rise in Uzbekistan’s tech landscape
Aiming to double this figure soon, Uzum has also ventured into fintech, bringing in a virtual bank and buy-now-pay-later service.
The firm scored big in its Series A funding round, netting $52 million in equity and $62 million in debt. Led by FinSight Ventures, Uzum aims to raise around $200 million in its upcoming Series B round.
The fresh funds will go towards enhancing their fintech services and e-commerce platform. Among top goals is to offer unsecured loans for small enterprises and individuals while strengthening their IT and logistics infrastructures.
By the year-end, Uzum plans to consolidate all operations into two super-apps. In addition, plans are underway to establish the largest e-commerce logistics center in Uzbekistan, setting the stage for substantial expansion.
No doubt, Uzum is blazing a trail in Uzbekistan’s growing tech industry, showing what happens when ambition, innovation, and customer needs meet.
