Uzum to invest $300 million in Uzbekistan’s new digital economy
By Gloria Mathias
Uzum has planned to invest $300 million to fund further growth of the digital economy in Uzbekistan alongside prominent international investors.
Investments are planned to be allocated towards accelerating the expansion of e-commerce, digital banking and FinTech services offered by Uzum Group as well as expanding the company’s own logistics infrastructure.
The platform is ready to raise funds from the leading investment funds. In line with the Group’s strategy, new funds would be used to boost growth and strengthen leading positions of the existing business units as well as to expand into adjacent verticals with a strong synergy potential.
Uzum is creating a national digital platform that offers digital services to millions of the country’s residents. In addition to the existing product range, the company boasts a strong backlog of new products, e.g., classifieds, various services and products for entrepreneurs (for instance, fintech and last-mile logistics).
Its mission is to create a one-stop digital solution for both consumers and businesses, providing its clients across the whole country with access to best-in-class digital solutions. The development of the ecosystem is also strongly beneficial to the country’s economy as it contributes to the proliferation of the SME segment, increases banking services penetration, improves financial literacy and grows the share of cashless transactions.
Djasur Djumaev, Founder and CEO of Uzum said, “Today, Uzbekistan represents a truly appealing investment case. A unique combination of factors, including (i) strong economic growth, (ii) favourable demographics, (iii) high and growing internet penetration, (iv) rapid expansion of eCommerce and fintech industries and (v) steady governmental support makes Uzbekistan a hotspot for inventors seeking a sustainable secular growth potential.”
“We are delighted to welcome several prominent investment funds willing to back our ambitious growth aspirations. Attracting funds from top-tier international institutions is the start of an exciting new chapter allowing us to fasten our expansion plans. In addition, it will help Uzum to create thousands of jobs within the ecosystem as well as among small and medium-sized businesses across the country,” added Djumaev.
IBSi Daily News Analysis
December 01, 2023
Central Asia FinTech
UAE consumers turn to banks for advice on sustainable financeRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage