Uzum, from 0 to $1.5Bn in Four Years. Building Uzbekistan's First Tech Unicorn. Nikolay Seleznev, Co-Founder

Miguel Armaza sits down with Nikolay Seleznev, Co-Founder of Uzum, Uzbekistan’s first tech unicorn rewriting the playbook for e-commerce and fintech in Central Asia. From Moscow to Tashkent, Nikolay Seleznev brings global banking experience and entrepreneurial grit to a country leapfrogging straight into the digital economy.

In this episode, Nikolay Seleznev shares the origin story of Uzum and how a simple, subpar online shopping experience sparked the vision for a super app serving millions. He dives into the challenges of building next-day delivery and financial services from scratch—without warehouses, 3PL infrastructure, or widespread digital adoption. Discover how Uzum managed to issue 4 million debit cards in a single year, reach 20 million monthly active users, and outperform their first-year GMV forecast by 4x, all while driving massive change in a historically cash-based society.

Timestamped Overview
00:00 Intro & Nikolay’s Background
05:45 Building a Super App Ecosystem
08:05 Time as the ultimate resource
10:51 Uzbekistan’s rapid transformation
15:13 Commerce and Fintech Ecosystem Overview
20:12 Building trust through products
23:15 Uzbekistan’s first unicorn funding
26:57 Scaling success and adaptation
28:22 Super app strategy adjustments
32:02 Super Apps and Local Adaptation
35:41 Self-focused entrepreneurial perspective

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Miguel Armaza is Co-Founder and General Partner of Gilgamesh Ventures, a seed-stage investment fund focused on fintech in the Americas. He also hosts and writes the Fintech Leaders podcast and newsletter.

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