7 Comments

I think you may have made a mistake in the "Can Kaspi return a 10x" section. You give Kaspi's GMV as KZT 12 billion, and conclude that Kaspi could therefore become a 10x, since the e-grocery market is projected to reach 750 billion. Small problem, Kaspi's GMV is not 12 billion but 12 trillion KZT.

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Dec 16, 2023Liked by Kevin

What a deep dive about this hidden gem! Will have to read it again and again. Thanks!

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Great write-up! The only company from Kazakhstan I was aware of until today was Kazatomprom. Thank you, for providing insights into another hidden game.

I’ve added a link to the analysis of Kaspi in RhinoInsights latest Friday Roundup.

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