Djasur Djumaev, a serial tech entrepreneur from Tashkent, is the visionary behind Uzum, Uzbekistan’s groundbreaking digital ecosystem. In just a couple of years, he transformed Uzum from a collection of local visions into the country’s first tech unicorn, serving over 10 million users monthly.
Founders Magazine (FM): Djasur, what sparked your journey toward building an ecosystem like Uzum?
Djasur Djumaev (DD): We began as a coalition of successful local entrepreneurs who believed in synergies—bringing together infrastructure, capabilities, and resources to build something greater. The vision was clear: create a unified ecosystem, where every vertical enhances the others—marketplace, BNPL, banking, fintech, and more.
FM: You hit unicorn status in barely two years. That’s remarkable. How did it happen?
DD: Absolutely. We secured $114 million—$52 million in equity via Series A led by FinSight Ventures, plus $62 million in debt. That catapulted us to over $1 billion valuation, making Uzum the first unicorn in Uzbekistan.
FM: What does Uzum look like today?
DD: Uzum is now a fully integrated digital services ecosystem. We offer e-commerce, express delivery, digital and traditional banking, BNPL (Uzum Nasiya), auto marketplace, and a dedicated app for entrepreneurs. It’s all wrapped into two superapps—Uzum for consumers and Uzum Business for SMEs.
FM: The scale is impressive—what metrics are you proud of?
DD: By end of 2023, we had 10 million active users monthly, nearly $100 million net profit, and about $150 million in e-commerce turnover. We’re the largest digital platform in Uzbekistan across multiple metrics.
FM: How did you manage to grow so fast?
DD: It’s about talent, tech, speed, and an ecosystem mindset. We tapped into local expertise but also brought global talent into the team. We outpace competitors by being fastest to market. From storage expansion to pickup points multiplying and SKU counts nearly doubling—all within a year.
FM: Your vision seems beyond just business—what larger goals drive you?
DD: Uzbekistan is ripe for digital transformation. With fast internet adoption and a young population, the market is ideal for a superapp that blends e-commerce, banking, and more. We’re planting the infrastructure for long-term digital growth.
FM: And what lies ahead for Uzum?
DD: Big ambitions: a major logistics complex to boost e-commerce turnover by over 150%, launch unsecured lending products, and prepare for a global Series B round. Our eyes are also on the path to IPO and international expansion.
Summary Snapshot
Highlight Insight
Unicorn Status $114M raised; first Uzbek tech unicorn
Core Offering Superapp ecosystem: e-commerce, fintech, banking, auto, BNPL
Scale & Reach 10M users/month, ~$100M net profit, $150M turnover
Growth Strategy Rapid infrastructure and expansion—superfast iteration
Future Outlook Logistics hub, new lending offerings, Series B, IPO, regional expansion
Final Note
Djasur Djumaev’s story with Uzum is a masterclass in ecosystem building—from vision and synergy to execution and scale. Aspiring founders will find immense inspiration in how he turned local potential into global-level performance.
