Largest digital platform and ecosystem in Uzbekistan, Uzum Holding, on November 14 posted $100mn in 9M24 consolidated net income, while projecting full-year net income of $150mn.

The company highlighted significant expansion in e-commerce and fintech.

The gross merchandise value (GMV) of Uzum’s e-commerce segment saw threefold year-on-year growth to $237mn. The company said this outcome was driven in part by the rapid success of Uzum Tezkor, an express delivery service that has become a significant revenue stream.

In the fintech segment, Uzum’s buy-now-pay-later (BNPL) service, Nasiya, reported total financed volume (TFV) of $235mn, marking a 2.3-fold increase. 

Uzum’s gross loan portfolio more than doubled to $169mn as of September 30, supported by a 2.6-fold y/y expansion in the bottom line.

On a more than two-fold increase in the first nine months of the year, the Uzum digital ecosystem now serves over 12.6mn monthly active users (MAU), accounting for more than 30% of Uzbekistan’s population.

Strengthening fintech, Uzum in August launched its Visa debit card, which includes a preapproved credit limit. The card is aimed at capturing a large share of Uzbekistan’s peer-to-peer transaction market. It saw strong early adoption, with over 350,000 cards issued during its soft launch, Uzum noted. 

The debit card has facilitated daily cash loan disbursements exceeding $1mn, achieved with zero marketing spend.

To support its e-commerce growth, Uzum Market has commissioned Central Asia’s largest warehousing complex. It boasts a storage area of 100,000 square metres and a daily GMV handling capacity of $4.5mn. 

Uzum said the strategic addition enables it to process a higher volume of orders efficiently, with 14mn orders managed in 9M24—representing a 2.5-times y/y increase.

The company has reported positive Ebitda before marketing costs for two consecutive quarters.

Nikolay Seleznev, chief strategy and business development officer at Uzum, said of the company’s performance: “We are thrilled with Uzum’s progress and the resilience of our ecosystem, which continues to deliver substantial growth across our Commerce and FinTech verticals. The successful launch of our virtual debit card, alongside strategic milestones like our new warehousing complex, reinforces our commitment to advancing Uzbekistan’s digital economy.

“Looking forward, we are actively engaging with investors to secure the resources needed to accelerate our initiatives and further strengthen our market position as we drive innovation in e-commerce and financial services in Uzbekistan.”

Uzum Holding’s range of services also includes express delivery, banking and business development. Business units include Uzum Market, Uzum Tezkor, Uzum Bank, Kapitalbank, Uzum Nasiya and Uzum Business.