Korzinka, the leading supermarket chain in Uzbekistan with more than 150 stores, is pleased to announce a landmark minority investment backed by co-lead investors:
- Abu Dhabi Uzbek Investment (ADUI), which is a joint venture between Abu Dhabi Fund for Development (UAE) and the Uzbekistan Fund for Reconstruction and Development (UFRD); and
- Uzbek-Oman Investment Company (UzOman), who led the consortium of Omani Sovereign investment funds, which is a joint venture between Oman Investment Authority (OIA) and the Fund for Reconstruction and Development of Uzbekistan (UFRD).
This marks the second major investment in recent years for Korzinka following the European Bank for Reconstruction and Development’s (EBRD) investment in 2020. The latest deal attracted strong interest from a broad range of international investors, highlighting Korzinka’s attractive market position, clear market leadership and category-defining brand recognition in Uzbekistan’s modern retail sector. It also underscores the company’s strong operational foundations and readiness to achieve significant growth. Korzinka is led by a world-class team of retail executives combining deep local market understanding alongside proven international experience, all guided by the vision of the Company’s founder and Chairman, Zafar Khashimov, who remains the majority shareholder.
Korzinka was advised by Morgan Stanley, while the Oman Investment Bank (“OIB”) was adviser to the Omani Investor Consortium.
The investment will drive accelerated growth across Korzinka’s multi-channel retail model with a particular focus on strengthening its established leadership in the supermarket format; rapidly scaling its network of smaller-format Korzinka Mahalla proximity stores; and growing Korzinka Go, the company’s market leading 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 sqm Class-A distribution centre which will start to operate in the second half of 2025.
Khashimov commented: “I would like to warmly welcome our new shareholders. This significant investment will support the delivery of Korzinka’s ambitious growth plans. 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 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.”
Rud Pedersen, CEO of Korzinka, commented: “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. Since EBRD’s investment in 2020, Korzinka has more than tripled its store footprint and delivered consistent, strong like-for-like sales growth, proving both the growing demand for modern grocery retail and our ability to scale efficiently. With the backing of our new investors, we are well positioned to further drive the growth of modern grocery retail across Uzbekistan, and we look to growing in a similar trajectory over the coming years.”
“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.”
Investor endorsements: backing a clear market leader
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. He commented: “We are pleased to co-lead this investment round in Korzinka, the undisputed leader in Uzbekistan’s fast-growing modern retail sector. Nowadays, Uzbekistan stands out as one of the most promising markets in Central Asia, driven by ambitious economic reforms that have unlocked new opportunities for investment and growth. With strong macroeconomic fundamentals, one of the world’s fastest-growing populations, rising consumer purchasing power, and an accelerating shift towards modern retail, Uzbekistan presents a highly attractive investment landscape. We look forward to supporting Korzinka’s continued expansion and contributing to the transformation of Uzbekistan’s retail industry into a regional benchmark.”
Omar Bahram, the CEO of UzOman, said: “We are proud to support Korzinka, a company that has consistently set and continuously improved the benchmark for excellence in the Uzbekistan grocery market. We have been highly impressed by its remarkable growth trajectory, exceptional management team, and incredibly strong market position, making it a highly compelling partner. 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.”
Tamas Nagy, from EBRD, who invested in Korzinka in 2020, said: “We have been proud to support Korzinka since 2020, when we recognised the significant opportunities for the company to grow and the impact its development might have on Uzbekistan. Since then, the company has made remarkable progress on all fronts, including embedding high standards of corporate governance and a climate conscious approach to its store designs. This round of investment is a clear confirmation of Korzinka’s significant potential as it embarks on its next phases of growth.”
