Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan's largest supermarket chain, Korzinka, has secured US$110 million in equity financing to accelerate growth and the development of modern retail in the country.

According to the company, the funding has been provided by strategic investors, including Abu Dhabi Uzbek Investment (ADUI), a joint venture between the Abu Dhabi Development Fund (UAE) and the Fund for Reconstruction and Development of the Republic of Uzbekistan (FRRU), as well as the Uzbek-Oman Investment Company (UzOman), representing a consortium of Omani sovereign wealth funds.

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

The deal affirms the company’s market leadership in Uzbekistan, its operational stability, and its potential for further growth.

Morgan Stanley acted as the transaction advisor for Korzinka, while Oman Investment Bank (OIB) represented the Omani investor consortium.

The investment will be used to expand the multi-channel retail model, develop the supermarket network, accelerate the growth of convenience stores Korzinka Mahalla, and enhance the online platform Korzinka Go. Additionally, the company plans to build a new A-class distribution center spanning 49,000 square meters, with its launch scheduled for the second half of 2025.

“These investments will help us realize our ambitious growth plans. This is an important milestone for the company, confirming the trust of investors in our business and the transformation of the retail market in Uzbekistan,” said Zafar Hashimov.

Korzinka CEO, Rüd Pedersen, emphasized that the new investments will accelerate the strategic expansion of the network, with the goal of over 1,000 stores in the medium term. He noted that since the EBRD’s investment in 2020, the company has tripled the number of its stores and demonstrated consistent sales growth, reflecting the increasing demand for modern retail.

Abu Dhabi Uzbek Investment CEO Sarvar Hamidov described the investment in Korzinka as an important step in strengthening economic ties with Uzbekistan. He highlighted that the country's reforms have made it one of the most promising markets in the region, with a growing population and increasing purchasing power.

UzOman CEO Omar Bahram noted that Korzinka demonstrates high-quality standards and professional management, making it an attractive partner for long-term investments.

EBRD representative Tamash Nadj emphasized that since 2020, Korzinka has significantly strengthened its position, implementing best corporate standards and environmentally responsible practices. The new round of investment confirms its potential for the next stage of development.

The funds raised will allow Korzinka to strengthen its leadership position, expand its store network, and implement advanced retail technologies, contributing to the further development of the retail sector in Uzbekistan.