Uzum, a leading digital services ecosystem in Uzbekistan, has announced impressive performance highlights for the first half of 2024. The company has achieved significant growth across its e-commerce and fintech divisions and is now preparing for a Series B funding round to support its continued expansion.
Key Performance Highlights
Uzum’s net income surged by 50% year-on-year for the first half of 2024, reflecting the company’s robust performance across its various business units. The Gross Merchandise Value (GMV) of Uzum’s online marketplace grew a remarkable fourfold compared to the same period last year. This remarkable growth underscores Uzum’s expanding leadership in Uzbekistan’s e-commerce market. The company’s loan portfolio, a key component of its fintech services, more than doubled during this period, demonstrating strong demand and effective product offerings.
One of Uzum’s standout achievements is that approximately one-third of Uzbekistan’s population now uses its services. This milestone underscores the company’s extensive reach and the growing popularity of its digital ecosystem.
Series B Funding Round
As part of its strategic growth plans, Uzum is preparing to launch a Series B funding round in Q4 2024 or Q1 2025. The company aims to raise up to $300 million in this round. The funding will be used to further develop its Buy Now, Pay Later (BNPL) business, expand its online lending products, and enhance its e-commerce vertical. This investment is expected to fuel Uzum’s growth and solidify its position as a leader in the digital services sector in Uzbekistan.
E-Commerce Expansion
Uzum’s e-commerce unit has experienced significant expansion, with GMV increasing nearly fourfold. Uzum Market, the company’s flagship online marketplace, has seen its GMV grow 3.5 times year-on-year. Additionally, the number of orders processed by Uzum Market has more than tripled, reaching over 8 million. The platform now supports over 10,000 sellers, further strengthening its market position.
To support this growth, Uzum is on track to complete the first phase of a new 77,000-square-metre warehousing complex by the end of the year. This facility will play a crucial role in accommodating the continued expansion of Uzum Market and ensuring efficient logistics operations.
Uzum Tezkor, the company’s online food delivery service, has also become a major contributor to its e-commerce business. In just over a year, Uzum Tezkor has grown to become the largest domestic delivery service by geographic reach, covering the eight largest cities in Uzbekistan. The service continues to expand its restaurant network, with 1,690 restaurants now available on the platform.
Fintech Development
In the fintech sector, Uzum has made significant strides with its digital banking and installment payment services. Uzum Bank recently launched branded Visa virtual cards with attractive terms for Uzbek consumers. The company plans to roll out a full suite of online lending products over the next 12-18 months, transitioning into a comprehensive neobank.
Uzum Nasiya, the company’s BNPL service, reported a 2.5-fold increase in total financed value (TFV) year-on-year. The loan portfolio also more than doubled, with 2.8 million users holding approved limits by the end of Q2 2024. Nasiya has shown strong integration with Uzum Market, with over 55% of orders paid through its BNPL solution.
Milestone Achievement
In spring 2024, Uzum achieved a significant milestone by reaching a valuation of over $1 billion, becoming Uzbekistan’s first tech unicorn. This achievement places Uzbekistan among the world’s most dynamic markets for e-commerce and fintech development.
