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Uzum lands $114m in mix of equity and debt financing, becomes Uzbekistan’s first tech unicorn

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  • Uzbekistan-based tech firm Uzum has secured $114 million in a combination of Series A equity funding and debt financing.
  • The funding round elevates Uzum to unicorn status, indicating a valuation of over $1 billion.
  • Uzum, headquartered in Tashkent, has developed a digital services ecosystem encompassing e-commerce, express delivery, banking and fintech, an automotive marketplace, and business development.
  • The company offers two main apps: Uzum for the general public and Uzum Business for legal enterprises, catering to over 10 million monthly average users by the end of 2023.
  • The $52 million equity portion of the funding comes from a Series A round led by FinSight Ventures, with participation from Xanara Investment Management and Uzum’s senior management team.
  • Uzum plans to use the funding to enhance Uzbekistan’s IT and logistics infrastructure and expand its offerings, including its buy now, pay later (BNPL) service.
  • Additionally, the company has raised $62 million in debt financing to support its BNPL service.
  • Uzum aims to raise around $200 million in a proposed Series B round in 2024 from investors in the UK, US, and the Middle East.
  • The company plans to launch new products into its ecosystem, including a lending offering for SMEs and individuals.
  • Uzum’s Series A funding reflects a trend of global companies raising significant capital this year, alongside other notable raises such as Tameed, ModernFi, and Yuno.

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