Uzbek Retailer Korzinka Secures Investment Of $110m

The investment is backed by Abu Dhabi Uzbek Investment (ADUI) and the Uzbek-Oman Investment Company (UzOman).

This marks the second significant investment for Korzinka in recent years, following an investment from the European Bank for Reconstruction and Development (EBRD) in 2020.

Korzinka’s Zafar Khashimov commented, “It marks a pivotal moment in our journey and signals a major vote of confidence in the company’s management team, market leadership, and Uzbekistan’s transformation.

“Fuelled by bold economic reforms, Uzbekistan has become one of the most exciting emerging markets globally, with a GDP of more than $100 billion and a youthful population of 37 million, which is expanding by approximately one million people per year. As we continue to scale our business, Korzinka is helping to shape the future of grocery retail in Uzbekistan.”

Focus Areas

The funding will help Korzinka focus on consolidating its position as one of the leaders in the supermarket format in Uzbekistan, scale its network of smaller-format Korzinka Mahalla proximity stores, and expand Korzinka Go, its e-commerce proposition.

To support the next phases of its growth, Korzinka is investing in state-of-the-art infrastructure, including a new 49,000-square-metre Class A distribution centre, which will commence operations in the second half of 2025.

Rud Pedersen, CEO of Korzinka, stated, “This investment will supercharge our growth strategy and bring the benefits of even greater scale, as we accelerate towards our medium-term goal of more than 1,000 stores.”

Pedersen later stated, “Korzinka has a proud and hard-earned reputation for offering great quality, convenience, and highly competitive prices. As we continue to expand, we will remain uncompromising on these values that have led millions of Uzbeks to consistently put their trust in our brand.”

Investors

ADUI is a joint venture between the Abu Dhabi Fund for Development (ADFD) and the Uzbekistan Fund for Reconstruction and Development (UFRD).

UzOman led the consortium of Oman Sovereign investment funds, which is a joint venture between the Oman Investment Authority (OIA) and the UFRD.

Sarvar Khamidov, the CEO of ADUI, described this investment as a testament to ADUI’s commitment to fostering investment partnerships that drive economic growth in Uzbekistan.

Omar Bahram, the CEO of UzOman, added, “Korzinka enjoys a unique level of consumer trust and brand loyalty in Uzbek society, underpinned by world-class stores and operations that rank among the best we have experienced in this sector globally.

“As long-term investors, we are excited to partner with a company that not only leads its sector, but is also playing a pivotal role in shaping the future of modern retail in Uzbekistan.”

In 2023, SPAR International granted a licence to Korzinka to operate the former’s brand in the country.