Uzum

History

2024: Attracting more than $100 million in investment at a $1 billion valuation

On March 26, 2024, the Uzbek digital ecosystem Uzum announced an investment of more than $100 million. As a result, it became the first unicorn technology company in the history of the country with an estimate of over $1 billion.

The leading investor in the Series A financing program was the global venture capital fund FinSight Ventures (provided funds to the projects Intercom, ThoughtSpot, Automation Anywhere, Toss, GupShup, Razorpay, Bumble, Rappi, Carta, etc.). In addition, the round was attended by the management company from India Xanara Investment Management and a number of top managers of Uzum. Investments in Uzum's capital amounted to more than $50 million, and the ecosystem raised more than $50 million in borrowed funds.

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Uzum plans to use the money received to develop IT and logistics infrastructure in Uzbekistan, as well as to finance its own installment plan service. The ecosystem intends to launch the country's largest logistics complex for online trading, which will increase turnover in the e-commerce segment by approximately 2.5 times by the end of 2024. In addition, Uzum will present a number of ecosystem products in the field of unsecured lending to individuals, small and medium-sized businesses.

New directions and services for business and private users will appear in the ecosystem. We see huge interest in the Uzbekistan market and the Uzum digital ecosystem as one of its drivers, "says Uzum founder and CEO Jasur Dzhumaev.

At the end of the round, investors will receive a package of less than 5%. During 2024, Uzum plans to raise about $200 million more with funds from the Middle East, Britain and the United States. The company's digital ecosystem unites the field of e-commerce, financial and banking services for individuals and small and medium-sized businesses: this is a marketplace, express delivery service, classic and digital banks, a BNPL service, a platform for buying cars, as well as an application for entrepreneurs.^[1]

2023

Uzum Ownership Details

On May 29, 2023, a representative of Uzum told TAdviser that Boris Dobrodeev never owned Uzum shares or options.

As of the end of March 2023, the options program for top management was in development, and at the end of May 2023 there was no such program, "a Uzum representative said to TAdviser.

Among the shareholders on the Uzum website are listed: Abdusamadov Ravshan, Abdusamadov Maksud, Dzhumaev Jasur, Matrasulov Ilyas, Kadyrov Bakhram and Dadazhonov Jamol.

On March 27, 2023, RBC reported that Boris Dobrodeev acted as co-founder and adviser to Uzum and "received a package of holding options."^[2]

Creation of a holding company

At the end of March 2023, it became known about the creation of the IT holding Uzum in Uzbekistan (translated from Uzbek - "grapes"). This is a project of the ex-head of VKBORIS Dobrodeev and co-founder of the KupiCoupon service Jasur Dzhumaev.

By the end of March 2023, Uzum holding includes Kapitalbank JSCB, Uzum Market marketplace, Uzum Nasiya installment plan service, as well as Uzum Bank digital bank, it is planned to launch the delivery of finished food, groceries from stores and restaurants. Dobrodeev and Dzhumaev told RBC that the delivery of ready-made own food will not be profitable, so they are considering combining the business model of Russian services Delivery Club and Ozon fresh.

Ex-head of VK Boris Dobrodeev

The main legal entity of the Uzum holding is registered in the United Arab Emirates. Dzhumaev did not name the composition of shareholders and the distribution of roles to the publication, explaining this including the "fundraising stage." According to him, the holding is negotiating with "the largest international investment funds from the Middle East" and plans to raise about $300 million by the end of 2023.

To buy out the share of AKB Kapitalbank and launch Uzum Market, the partners raised "several tens of millions of dollars" from Uzbek entrepreneurs who received a part in Uzum's capital. The holding directs part of Kapitalbank's profits to the development of e-commerce. Partners do not disclose the size of their own investments in Uzum.

As Dzhumaev said at the end of March 2023, the idea of ​ ​ creating Uzum came to him several years ago, but "then it was not yet time," since the penetration of mobile applications in Uzbekistan was at a relatively low level. The goal of the project is to make the largest ecosystem in this country with developed e-commerce, he said. Dobrodeev became an adviser to Uzum and received a package of holding options.^[3]

Notes