Uzum pledges $300m investment in Uzbekistan’s digital economy

Uzum, alongside prominent international investors, has set its sights on a substantial $300 million investment to fuel the growth of Uzbekistan's burgeoning digital economy.

Uzum, alongside prominent international investors, has set its sights on a substantial $300m investment to fuel the growth of Uzbekistan’s burgeoning digital economy.

Uzum Group is actively engaged in propelling Uzbekistan’s digital transformation. The company is focused on expanding its presence in key sectors such as e-commerce, digital banking, and FinTech services. Additionally, Uzum Group is committed to bolstering its logistics infrastructure.

The intended investment will serve as a vital stepping stone in Uzum’s journey, consolidating its position as the nation’s digital champion. These funds will facilitate the acceleration of Uzum Group’s e-commerce, digital banking, and fintech services. Moreover, the investment aims to enhance the company’s logistics infrastructure.

Uzum aspires to establish a comprehensive national digital platform catering to millions of Uzbekistan residents. Beyond its existing product offerings, Uzum Group is set to introduce new products, including classifieds and various services for entrepreneurs, such as fintech and last-mile logistics solutions.

The ultimate goal is to provide consumers and businesses across the nation with a one-stop digital solution, thereby boosting financial literacy and encouraging cashless transactions.

Uzbekistan is witnessing remarkable e-commerce growth, recording the highest rates among its Central Asian counterparts. Over the next five years, the e-commerce industry is predicted to expand sevenfold, reaching a size of $1.8bn. The government’s ‘Digital Uzbekistan 2030’ strategy is set to further transform the country’s economy, fostering an environment conducive to digital innovation.

Uzum has already made its mark by serving over 13 million residents and numerous entrepreneurs and companies across Uzbekistan. In the near future, Uzum Market, the national marketplace, plans to inaugurate Uzbekistan’s largest logistics center in 2024.

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

Djasur Djumaev, founder and CEO of Uzum, said, “Today, Uzbekistan represents a truly appealing investment case. A unique combination of factors, including strong economic growth, (ii) favourable demographics, high and growing  internet penetration, rapid expansion of e-commerce and FinTech industries and 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.”

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