in a delightful twist of fate, Uzum, an e-commerce startup from Uzbekistan, has waltzed its way into the unicorn club, bagging a whopping $114 million in its latest funding round. this isn’t just pocket change; it propels the company’s valuation to an eye-watering $1.16 billion, making it the belle of the ball in Central Asia’s startup scene.

now, for those unfamiliar with Uzbekistan’s digital landscape, it’s a place brimming with youthful energy, where smartphones are almost as common as plov at a family gathering. despite this, the e-commerce sector has been somewhat of a sleeping giant, accounting for a mere 2.2% of the total retail market by the end of 2022. but Uzum, with its sights set on becoming the Amazon of Uzbekistan, has shaken things up by offering a smorgasbord of services ranging from online shopping to fintech solutions, and even food deliveries.

the journey hasn’t been without its quirks. imagine this: a nation where the internet is ubiquitous, yet online shopping was confined to the realms of social media. that’s right, folks used to scroll through Instagram, TikTok, and Telegram to find what they needed, often from sellers who might as well have been running a garage sale, given their limited stock and non-existent logistics. but Uzum’s founders saw this not as a hurdle, but as an opportunity to knit together a digital marketplace that’s now the talk of the town.

in a move that’s as ambitious as it is impressive, Uzum has not only set up a robust logistics network but also launched a fintech arm offering buy-now-pay-later services, which, let me tell you, is as popular as a cold drink on a hot Tashkent afternoon, accounting for nearly half of all e-commerce transactions.

but wait, there’s more! with plans to launch super apps and the country’s largest logistics complex for e-commerce, Uzum isn’t just resting on its laurels. it’s sprinting towards a future where it’s not just a national tech leader, but a digital oasis in the heart of Central Asia. so, buckle up, because with Uzum, Uzbekistan’s e-commerce scene is about to get a whole lot more interesting.

Original Article | TechCrunch

Wally

Walton "Wally" is a seasoned expert in web technologies, focusing on e-commerce and customer journeys. As the co-founder, CTO, and Head of Storytelling at YOBO Studio, he merges tech with engaging narratives. Beyond his professional endeavours, Wally LOVE his family and is about trail running. His balanced dedication to work and personal life sets him apart as a respected figure in the digital and personal realms.

View all posts