Backed by Tencent, Uzum Secures $65.5M and Eyes Global Expansion
Uzum, Uzbekistan’s leading digital platform and first tech unicorn, has raised $65.5 million in a new equity funding round co-led by Tencent and VR Capital, with participation from FinSight Ventures. The raise pushes Uzum’s post-money valuation to $1.5 billion, marking a 30% increase from its previous $1.16 billion valuation.
This funding milestone underscores growing investor confidence in Central Asia’s digital economy and highlights Uzbekistan’s emergence as a key regional innovation hub.
“We’re thrilled to welcome Tencent and VR Capital as investors,” said Nikolay Seleznev, Chief Strategy and Business Development Officer at Uzum. “This is a strong validation of our performance and vision, and we’re excited to scale our impact across fintech, e-commerce, and digital banking.”
Preparing for Series B and IPO
Following this round, Uzum plans to launch a Series B raise of $250–$300 million in the first half of 2026, setting the stage for a future initial public offering (IPO). To date, Uzum has raised $137 million in equity.
Expanding Financial Services and Infrastructure
The new capital will support product development and national expansion. In the coming months, Uzum will:
- Launch a deposit product and long-term credit offerings
- Expand its Visa debit card program, already issued to over 2 million users
- Roll out a QR code payment system for merchants
- Introduce SME-focused digital banking products
- Open its e-commerce marketplace to international sellers from China and Turkey
Market Leadership and Financial Performance
Founded in 2022, Uzum serves more than 17 million monthly active users—almost half of Uzbekistan’s adult population—and works with over 16,000 merchants. In H1 2025, Uzum recorded $250 million in GMV, representing 1.5x year-on-year growth.
Its fintech arm, Uzum Bank, issued 2 million Visa debit cards with pre-approved credit limits and expects to exceed 5 million by year-end. Lending volumes reached $200 million in Q1 2025, a 3.4x increase over the same period in 2024. Net income in 2024 reached $150 million, up 50% year-over-year.
Local Strength, Global Vision
Uzum has built one of Central Asia’s most sophisticated digital infrastructures, with:
- 112,000 m² of logistics space
- 1.1 million ft² of warehouse capacity
- Capacity to process 200,000 orders daily
- 1,500+ pickup points across 450 locations, doubling as delivery hubs and financial access points
The company is also integrating AI technologies for fraud detection, credit scoring, and personalized shopping, alongside value-added services like merchant advertising tools.
“Uzum is more than a startup — we’re building a digital ecosystem designed for the needs of Uzbekistan and scalable across the region,” said Djasur Djumaev, Founder and CEO. “This new funding accelerates our mission to offer seamless digital services to millions, with profitability and social impact at the core.”