3 days ago
Uzbekistan's platform startup Uzum looks to Coupang, Kakao as model
Uzum ecosystem a gateway for Uzbekistani market entry for Korean businesses, says co-founder
Korea Herald correspondent
TASHKENT, Uzbekistan — Korean companies can use the ecosystem of Uzum, Uzbekistan's only billion-dollar startup, to enter Central Asian markets, says Nikolay Seleznev, co-founder and strategic head of digital commerce at Uzum.
Uzum is an integrated platform offering e-commerce, financial technology and banking services for individuals and small and midsized enterprises. Its services include a marketplace, express delivery, traditional and digital banking, buy-now-pay-later, a car purchase platform and an app for entrepreneurs.
Known as Uzbekistan's only unicorn startup — valued at over $1 billion — it is spearheading the country's digital transformation by drawing inspiration from proven ecosystem models like Korea's Coupang and Kakao, while adapting to local needs.
Seleznev said the business model itself may not be entirely new, but localization is key to Uzum's success.
'I draw a lot of inspiration from Korean companies like Coupang and Kakao. These are excellent ecosystem-based models,' Seleznev told The Korea Herald in an interview.
'Of course, we're not copying anyone 100 percent. You can't simply replicate a model from another country. You have to localize it,' he said.
The company offers next-day delivery, an expanding food delivery service, a digital bank with millions of users and consumer credit products — targeting a market that had long lacked access to modern digital services, according to Seleznev.
Describing Uzum's model as 'book-stick-monetize,' Seleznev said the platform serves as a retail backbone in a country of 40 million and a gateway for Korean companies — especially in cosmetics, fast-moving consumer goods and electronics — seeking market access. He noted existing partnerships with Korean brands and praised Korean culture after a recent visit.
'On the business side, Korean brands are already popular in our marketplace. But beyond products, I believe there is even greater potential in financial services,' he pointed out.
'We know of several prominent Korean financial institutions, and I believe our story in Uzbekistan may resonate with potential partners from Korea,' Seleznev said, highlighting opportunities for fintech collaboration.
Uzum is the first company in Uzbekistan to be valued at over $1 billion.
Founded about four years ago, the company invested in its own logistics infrastructure, warehouses and pickup points in a market that previously lacked such facilities.
The mission is to serve the underbanked and underserved population across Uzbekistan, says Seleznev.
'In fintech and finance, you need money to make money. That's why we are actively seeking reputable, trusted partners to join us on this journey,' he said.
The Uzum ecosystem is a gateway for Uzbek market entry for Korean businesses, said the co-founder.
Seleznev said his key focus is shaping Uzum's long-term strategy, emphasizing its two-sided ecosystem that serves both consumers and SMEs. With over 16,000 merchants, 2,500 restaurants and thousands of retail outlets using its buy-now-pay-later services, Uzum aims to be a trusted, convenient gateway for doing business in Uzbekistan — though it is just getting started.
'Come and do business in Uzbekistan,' Seleznev said, inviting Korean companies. 'It's one of the few places in the world today that offers such tremendous opportunity.'
Uzbekistan boasts a population of 40 million, with 60 percent under the age of 30. The country's gross domestic product is growing at a rate of 6.5 to 7 percent annually, inflation is under control and the national currency is appreciating against the US dollar.
'The market is ready, and the consumers are ready,' Seleznev affirmed.
Uzum is supporting Uzbekistan's digital vision by training local information technology talent through initiatives like the Uzum Academy, with many graduates joining the company.
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