Uzum has secured more than $100m in funding through a combination of a Series A funding round and debt financing. This has made it the first tech company in Uzbekistan to achieve unicorn status with a post-money valuation of over $1bn. Uzum plans to use the funds to develop the country’s IT and logistics infrastructure, as well as to fund its own BNPL-service.
Uzum secured over $50m in equity through a Series A funding round consisting wholly of primary investments. The round was led by the global venture capital firm FinSight Ventures, joined by Xanara Investment Management, a multifamily office in the UAE, and Uzum’s senior management team. The company separately raised an additional $50m in debt financing.
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Uzum has plans for further funding in 2024
Investors taking part in the Series A funding round will receive stakes of less than 5% in the company. In 2024, Uzum plans to raise additional financing of approximately $200m in a Series B funding round from investors in the Middle East, the United Kingdom and the United States.
In 2024, Uzum plans to launch the largest logistics complex for e-commerce in the country, which is expected to increase e-commerce turnover on its platform by more than 150% during the year. It also plans to launch a number of ecosystem products for unsecured lending to individuals as well as small and medium-sized enterprises.
Alexey Garyunov, managing partner at FinSight Ventures, commented: “We focus on FinTech, B2B SaaS and the e-commerce markets in the US and India, as well as investing in super apps in emerging markets. By combining convenient payment solutions with an e-commerce platform, Uzum achieved impressive results in just a year and a half, launching one of the top three apps in the country in terms of the number of downloads, trailing only instant messengers and social networks. Uzum has already become the national leader in its key business thanks to strong network effects and synergies between its various businesses.
“Uzbekistan is one of the markets where consumers moved from offline directly to mobile, which makes this market ideal for creating a super-app that combines banking, fintech, e-commerce and other services in an ecosystem for consumers and entrepreneurs.”
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