Uzbekistan’s first unicorn, Uzum, leaps to a $1.5B valuation

In a remarkable achievement for Uzbekistan's burgeoning tech landscape, the homegrown startup Uzum has successfully raised $65.5 million in a new funding round. This financing was co-led by the prominent Chinese tech giant Tencent and the investment firm VR Capital, with support from the U.S.-based FinSight Capital. Following this round, Uzum's valuation has surged to approximately $1.5 billion, reflecting a substantial increase from its earlier valuation of $1.16 billion when it attained unicorn status in March of the previous year. Founded just last year, Uzum began its journey with an e-commerce platform known as Uzum Market. The startup quickly expanded its offerings to include fintech services, launching a debit card and an express food delivery service called Uzum Tezkor. Currently, Uzum boasts an impressive user base, with over 17 million monthly active users—nearly half of Uzbekistan's adult population and about two-thirds of all smartphone users in the country. The platform supports around 16,000 merchants and recorded a remarkable $250 million in gross merchandise value (GMV) during the first half of 2025, marking a 1.5-fold year-on-year growth. Uzum has also made strides in the digital banking sector through its Uzum Bank, which introduced a co-branded Visa debit card last August. This initiative has resulted in the issuance of 2 million cards, with expectations to exceed 5 million by the end of the year. Additionally, its lending services have flourished, hitting $200 million in financed volume in the first quarter, a remarkable 3.4 times increase compared to the same quarter last year. The startup achieved a net income of $150 million in 2024, showcasing a 50% growth over the previous year. CEO Djasur Djumaev credits Uzum's rapid scaling to a blend of local knowledge and disciplined execution. By understanding the cultural and business nuances of Uzbekistan and leveraging global operational expertise, Uzum has built a robust infrastructure from the ground up. The startup now operates a logistics capacity exceeding 112,000 square meters, enabling it to handle over 200,000 orders daily and maintain over 1,500 pickup points throughout the country. Initially employing a fulfilled-by-operator model for e-commerce deliveries, Uzum has diversified its logistics by introducing fulfillment-by-seller and delivery-by-seller options. This approach aims to streamline deliveries further and expand its product range, which now exceeds 1.5 million stock-keeping units (SKUs). The latest investment from Tencent came after a series of discussions, driven by Uzum's impressive growth metrics. Looking ahead, Uzum intends to enhance its fintech offerings by launching new deposit products and expanding its credit facilities for consumers. The startup is also focused on increasing its merchant network and developing additional services to support small and medium-sized enterprises. With plans to introduce international merchants to its platform, particularly from China and Turkey, Uzum anticipates that 10 to 15% of its cross-border transactions will originate from these regions. With a workforce exceeding 12,000, including various teams across its business verticals, Uzum is eyeing a public listing in the medium term and aims to raise a Series B funding round of $250–$300 million by the first half of 2026. Thus far, the startup has secured $137 million in equity financing, marking significant progress in its ambitious journey.