TASHKENT, Uzbekistan,
Aug. 8, 2024 /PRNewswire/ -- Uzum
(hereafter referred to as "we", "us", "our", "Uzum" or the
"Company"), a leading ecosystem of digital services in Uzbekistan, today announces its key
performance highlights for the six months ended 30 June 2024.
Key Operating and Financial
Highlights
- Marketplace GMV grew 4 times year-on-year
- Loan portfolio of Uzum fintech services more than
doubled
- Every third resident of Uzbekistan uses Uzum services
- Uzum is currently preparing to launch a Series B funding round
in Q4 2024 or Q1 2025 and seeks to raise up to $300 million to fund the further development of
its BNPL business, online lending products, and its e-commerce
vertical.
The Uzum ecosystem delivered strong growth during 1H 2024, with
consolidated net income increasing by 50% year-on-year on the back
of the rapid development of its e-commerce and fintech services.
The combined audience of the ecosystem nearly doubled year-on-year
and reached 10.6 million active users per month, or approximately
30% of Uzbekistan's
population.
Nikolay Seleznev, Chief
Strategy and Business Development Officer at Uzum,
commented:
"We are proud of the solid results that Uzum delivered during
the first half of this year and are grateful to our investors,
partners, and customers for believing in our mission as we work to
unlock the full potential of e-commerce and fintech in Uzbekistan. For the second half of 2024, we
will lay the groundwork for the roll-out of the Uzum Bank card as
well as our online lending and deposit business. At the end of this
year or early next year, we plan to attract further funding to
accelerate growth in the promising market of Uzbekistan. To that end, we are targeting
large international funds, which would be instrumental in a
subsequent prospective listing on an international stock exchange
in the medium term."
E-commerce
Uzum's e-commerce unit posted a nearly fourfold increase in GMV,
as the online marketplace Uzum Market further solidified its
position as the country's e-commerce champion. The marketplace's
GMV grew 3.5-fold year-on-year, while the number of orders
processed by the marketplace in 1H 2024 grew more than threefold
year-on-year and totaled more than 8 million, with more than 10,000
sellers now operating on the platform. Looking ahead, the Company
is on track to commission the first phase of the largest
warehousing complex in Uzbekistan
(77,000 sqm) by year-end to service the further expansion of Uzum
Market.
During this period, the online food delivery service Uzum
Tezkor became a significant contributor to Uzum's e-commerce
business. In just over a year of its operation, Uzum Tezkor has
become the largest domestic delivery service by geographic reach,
covering the eight largest cities in the country. The service
continues to onboard new restaurants to offer customers a growing
range of delivery options, with 1,690 restaurants operating on the
platform by the end of the period.
Fintech
The Company continued to focus on profitability and product
development for its fintech businesses, notably the digital Uzum
Bank and the Uzum Nasiya installment payment service.
During this quarter, the Bank launched pre-order branded Visa
virtual cards with attractive terms for Uzbek consumers and is
planning an active roll-out of online lending products over the
next 12-18 months, as the business undergoes a strategic
transformation into a full-blown neobank with a full suite of daily
banking services.
Uzum Nasiya, a convenient installment service for everyday
needs, posted a TFV 2.5-fold increase year-on-year while its loan
portfolio more than doubled. The number of users with approved
limits amounted to 2.8 million at the end of Q2 2024, an increase
of 27% from Q1 2024. The service also showed strong synergy with
the Uzum's online marketplace, with more than 55% of orders on Uzum
Market paid via Nasiya's BNPL solution during this quarter.
In spring 2024, Uzum reached a valuation of over $1 billion and became the first tech unicorn in
Uzbekistan, placing the country
among the world's most dynamic and high-opportunity markets for the
development of e-commerce and fintech services. The Company is
laying the technological foundation for the digitization of
Uzbekistan's economy and aims to
continue its pace of growth by actively developing its own physical
and IT infrastructure, as well as seamlessly integrating its
services throughout the Uzum ecosystem.
About Uzum
Uzum is a digital ecosystem and the largest digital platform in
Uzbekistan, providing services
spanning e-commerce, express delivery, banking and fintech, and
business development. More than 10 million people in Uzbekistan, or nearly one-third of the
country's population, use Uzum services every month.
After successful series A round in March
2024 Uzum became the first tech unicorn in Uzbekistan with a post-money valuation of over
$1 billion.
Learn more at uzum.com.
For additional information please contact: pr@uzum.com
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