Uzum lands $114m in mix of equity and debt financing, becomes Uzbekistan’s first tech unicorn
Uzbekistan-based tech firm Uzum has bagged $114 million through a combination of Series A equity funding and debt financing, elevating the company to unicorn status.
Uzum lands $114m in mix of equity and debt financing
Headquartered in Tashkent, the company has developed a digital services ecosystem that provides services spanning e-commerce, express delivery, banking and fintech, an automotive marketplace, and business development.
Uzum offers the Uzbek market two apps: Uzum for the general public, and Uzum Business for legal enterprises. The firm claims that by the end of 2023, its ecosystem had amassed over 10 million monthly average users and reached a net profit of nearly $100 million.
It has now secured $52 million in equity through a Series A round spearheaded by California-based venture capital firm FinSight Ventures. Also participating were Xanara Investment Management and Uzum’s senior management team.
Uzum intends to utilise the new cash injection to enhance Uzbekistan’s IT and logistics infrastructure and to expand its offerings.
It has also raised an additional $62 million in debt financing, which it plans to use to fund its buy now, pay later (BNPL) service.
2024 could be a busy year for the company, with a proposed Series B round planned to raise around $200 million from investors in the UK, US, and the Middle East. Moreover, the company intends to launch several new products into its ecosystem, including a lending offering for SMEs and individuals.
Uzum joins a growing list of global companies to complete a Series A round this year, with the likes of Saudi start-up Tameed raising $15 million, ModernFi bagging $18.7 million, and Colombian payments platform Yuno landing $25 million.
