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Meet Uzbekistan’s first unicorn: e-commerce startup Uzum
Uzum, an Uzbek startup offering online shopping, fintech and food deliveries, has become the country's first unicorn.
However, the country seems to have a shocking lack of e-commerce services, which may be among the reasons why the sector accounted for only 2.2% of Uzbekistan’s total retail market as of December 2022, per a report(PDF) by KPMG. According to Uzum’s co-founder and CEO, Djasur Djumaev, Uzbeks used to primarily shop online through social media apps such as Instagram, TikTok and Telegram. In contrast, the biggest street bazaar in the country has about 70,000 SKUs on any given day, according to Nikolai Seleznev, chief strategy and business development officer at Uzum.
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