Uzbekistan’s Uzum valuation leaps over 50% in seven months to $2.3B

Uzum, the leading fintech in Uzbekistan, has achieved a remarkable $2.3 billion valuation, marking a 53% increase in just seven months. This surge reflects investors' growing confidence in the nation’s burgeoning digital economy, driven by a significant $131.5 million investment led by sovereign wealth funds from Oman, with notable contributions from existing investors such as Tencent, VR Capital, and FinSight Ventures. The recent investment includes $81.5 million in equity and $50 million in convertible financing linked to Uzum’s upcoming funding round. The startup is targeting a pre-IPO fundraising of $250 million to $300 million, aimed for the latter half of 2026 or early 2027. Notably, Uzum became Uzbekistan's first unicorn in March 2024, achieving a valuation of $1.5 billion after raising $65.5 million in August. As the most populous country in Central Asia, Uzbekistan is rapidly establishing itself as a leader in the digital economy, bolstered by a youthful demographic, swift smartphone adoption, and a low penetration of online retail and banking services. Founded in 2022, Uzum has swiftly positioned itself as the country’s premier “digital ecosystem,” which integrates e-commerce, payments, and consumer lending. Initially starting with its e-commerce platform, Uzum Market, the company has since expanded its horizons with Uzum Bank for digital banking and Uzum Nasiya for consumer lending. Additionally, the startup has rolled out an express food delivery service, Uzum Tezkor, as part of its overarching strategy to create a seamless ecosystem for commerce and finance. As of the last funding round in August 2025, Uzum boasted over 17 million monthly active users, a figure that has now grown to around 20 million, representing more than half of Uzbekistan’s adult population. The marketplace connects over 17,000 local sellers and processed approximately $11 billion in payment volume in 2025. The annual transacting user base has increased to about 4.6 million, up from 3 million the previous year. Djasur Djumaev, the CEO of Uzum, highlighted that Uzbekistan’s retail landscape is likely to evolve uniquely, with e-commerce playing a pivotal role in this transformation. "E-commerce will leapfrog the traditional retail phase in the country, moving directly from bazaars and informal trade into digital commerce," he stated. Uzum’s financials have mirrored its user growth, reporting revenues of $691 million in 2025, an increase from $505 million the previous year, with net income rising to $176 million. The e-commerce platform alone generated $500 million in gross merchandise value, achieving EBITDA profitability within three years. Meanwhile, Uzum's digital banking sector serves around 5 million customers, having issued 4.1 million debit cards in 2025, representing about half of all cards issued in Uzbekistan that year. The unsecured loan portfolio has expanded to $400 million, with the total finance volume reaching $1.2 billion. Looking ahead, Uzum plans to welcome another 5 million banking customers in the coming year as it broadens its lending and payment services. The startup is also enhancing its marketplace by introducing cross-border commerce, allowing Uzbek consumers access to international products. To support this growth, Uzum is investing heavily in logistics and infrastructure, currently operating around 1,500 pickup points nationwide with plans to expand to 3,000 by 2026. The company is also working on increasing its warehouse capacity from 125,000 square meters to approximately 500,000 square meters. With aspirations to go public in the next few years, Uzum is evaluating various listing options in the U.S., Europe, the Middle East, and Southeast Asia. The startup, which has grown to employ around 12,500 people, is set to enhance its fintech infrastructure and expand its product offerings across commerce and financial services.