Meet Uzbekistan’s first unicorn: e-commerce startup Uzum

Uzum, an e-commerce startup offering online shopping, fintech and food deliveries to millions of customers in Uzbekistan, has raised $114 million in funding, becoming the country’s first unicorn with a valuation of $1.16 billion.

Uzbekistan is fertile ground for startups, given the fact that people aged below 30 constitute about 60% of its population of over 35 million. The country also enjoys a near 100% literacy rate (according to its government), more than 76% internet penetration, and over 75% smartphone penetration rate. In 2020, the Central Asian nation had nearly 1,200 startups, 85% of which were at the seed stage. Fintech startups dominated the market with a 30% share, followed by e-commerce startups at 27%, according to estimates (PDF) by the Asian Development Bank.