Uzum plans to invest $300m to fund further growth of the digital economy in Uzbekistan. 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. Uzum plans to expand its IT infrastructure for the development of digital banking, among other platforms.
The investment round will represent an important milestone in the company’s history. It highlights the role that Uzum plays in Uzbekistan. Uzum is now 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.
‘Digital Uzbekistan 2030’
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. This includes: classifieds, various services and products for entrepreneurs. Uzum’s 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 proliferation of the SME segment, increases banking services penetration, improving financial literacy and growing share of cashless transactions.
This comes at a time where Uzbekistan is looking to grow its economy, with its upcoming joint bid with Kazakhstan to host the 2034 Football World Cup highlighting this. According to KPMG data, Uzbekistan records the highest e-comm growth rates among the Central Asian peers. Over the next five years, the e-comm industry is expected to expand sevenfold, reaching $1.8bn in size. Such a strong growth potential is facilitated by a unique regulatory environment ensured by the government of Uzbekistan. ‘Digital Uzbekistan 2030’ strategy envisages further active transformation of the country’s economy in the coming years
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