Uzum plans $300m investment for Uzbekistan

Uzum, in collaboration with prominent international investors, is planning a substantial $300 million investment to support the growth of Uzbekistan’s emerging digital economy.

Uzum Group is actively involved in driving Uzbekistan’s digital transformation, with a focus on expanding its presence in key sectors such as e-commerce, digital banking, and FinTech services. The company also has plans to strengthen its logistics infrastructure.

This intended investment is a crucial milestone in Uzum’s efforts to establish itself as the leading digital champion in the nation. The funds will play a pivotal role in accelerating the growth of Uzum Group’s e-commerce, digital banking, and fintech services. Additionally, the investment aims to enhance the company’s logistics infrastructure.

Uzum’s overarching goal is to create a comprehensive national digital platform that caters to millions of Uzbekistan residents. In addition to its existing product offerings, Uzum Group plans to introduce new products, including classifieds and various services for entrepreneurs, such as fintech solutions and last-mile logistics services.

The ultimate objective is to offer consumers and businesses across the nation a one-stop digital solution, which will help boost financial literacy and encourage cashless transactions.

Uzbekistan has been experiencing significant growth in the e-commerce sector, surpassing its Central Asian counterparts. Over the next five years, the e-commerce industry is expected to expand sevenfold, reaching a size of $1.8 billion. The government’s ‘Digital Uzbekistan 2030’ strategy is set to further transform the country’s economy, creating an environment conducive to digital innovation.

Uzum has already made significant contributions by serving over 13 million residents, as well as numerous entrepreneurs and companies throughout Uzbekistan. In the near future, Uzum Market, the national marketplace, plans to open Uzbekistan’s largest logistics centre in 2024.

Simultaneously, Uzum will strengthen its IT infrastructure to enhance financial services, digital banking, and other platform products, thereby further driving the expansion of the country’s digital economy.

Djasur Djumaev, founder and CEO of Uzum, expressed, “Today, Uzbekistan represents a truly appealing investment case. A unique combination of factors, including strong economic growth, favourable demographics, high and growing internet penetration, rapid expansion of e-commerce and FinTech industries, and steady governmental support, makes Uzbekistan a hotspot for investors seeking sustainable secular growth potential. We are delighted to welcome several prominent investment funds willing to back our ambitious growth aspirations.”

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