art “Introducing Uzumart: Uzbekistan’s Groundbreaking E-Commerce Unicorn”
Uzum, an e-commerce startup offering online shopping, fintech and food deliveries to millions of customers in Uzbekistan, has raised $114 million in funding, becoming the country’s first unicorn with a valuation of $1.16 billion.
Fintech startups dominated the market with a 30% share, followed by e-commerce startups at 27%, according to estimates (PDF) by the Asian Development Bank.
“We want to expand the products, enhance the infrastructure of our e-commerce, and fund our fintech,” Djumaev said.
By the end of this year, Uzum plans to combine all its businesses into two super apps: one for its consumer-focused offerings, and another for its business-focused products.
However, he doesn’t see any competition in Uzbekistan, as Uzum has the advantage of enjoying different margins across products, and can make higher margins by combining its e-commerce and fintech services.
