Uzbekistan has recorded an important transaction in the field of digital ecosystems and financial technologies. Makesense, which manages the Uzum Nasiya installment payment service platform, has received approval from the Competition Development and Consumer Protection Committee to acquire a stake in Arhat Gravure. Both parties to the transaction have previously been integrated into the Uzum business ecosystem, making the transaction a strategic step to strengthen control over key financial and technological assets.
According to official information, as a result of a comprehensive analysis, the regulatory body did not reveal any signs of restricting competition or creating a dominant position in the commodity market. The transaction was approved without any additional conditions.
Makesense was founded in early 2023 and has been a part of Uzum Holding since October. Its main founder is Nasiya SPV 2-a structure registered in the UK. The authorized capital of Makesense is 792.56 billion soums, which makes it one of the major players in the field of technology financing within the country.
The main task of Makesense is to implement an investment strategy within the framework of projects of the Uzum Nasiya platform, which offers consumers services for purchasing goods in installments through e-commerce. Uzum Nasiya, in turn, is one of the key drivers of digitalization of consumer lending in Uzbekistan.
Arhat Gravure was registered in September 2020, and its sole founder is entrepreneur Roman Zinchenko. The authorized capital of the company is 3 billion soums. Arhat Gravure specializes in the supply of telecommunications equipment and simultaneously serves as a management link in another significant structure-the Tezcoin microfinance organization.
Tezcoin, founded in August 2022 with an authorized capital of 50 billion soums, is one of the active participants in the microfinance market. According to data from the Central Bank of Uzbekistan for 2024, Tezcoin and partner organization Shaffof-Moliya issued microloans worth 5 and 2 billion soums through the Uzum platform (which includes Uzum Market, Uzum Tezkor and Uzum Nasiya), respectively. At the same time, the total volume of microcredit for the year amounted to 16 billion soums, which indicates a significant share in the segment.
The formation of a vertically integrated digital ecosystem Uzum is one of the most ambitious projects in the financial and technological sector of Uzbekistan. The deal between Makesense and Arhat Gravure represents a step towards strengthening control over the links related to e-commerce, telecommunications and consumer finance.
The approval of the antimonopoly body indicates the growing interest of the state in supporting flexible models of technological integration while maintaining fair competition conditions. Against the background of the digital transformation of the domestic market, such transactions can become crucial for the formation of a new structure of the consumer sector based on transparency, speed and accessibility of financial services.
