Uzbekistan’s Uzum valuation leaps over 50% in seven months to $2.3B
Source: TechCrunch
Uzum, Uzbekistan’s leading “digital ecosystem” that blends e‑commerce, payments, and consumer lending, has surged to a $2.3 billion valuation—about 53 % higher than just seven months ago.
Funding Highlights
| Round | Amount | Structure | Lead Investor(s) | Existing Participants |
|---|---|---|---|---|
| Series C (July 2024) | $131.5 M | • $81.5 M equity • $50 M convertible note (to convert in the next round) | Sovereign wealth funds of Oman | Tencent, VR Capital, FinSight Ventures |
| Previous round (Aug 2023) | $65.5 M | Equity | — | — |
| Target pre‑IPO raise (H2 2026 / early 2027) | $250 M – $300 M | — | — | — |
The convertible financing is tied to Uzum’s next funding round, positioning the company for a sizable pre‑IPO raise later in 2026 or early 2027.
Recent Milestones
- August 2023: Raised $65.5 M at a $1.5 B valuation, becoming Uzbekistan’s first unicorn【[TechCrunch – March 2024]】.
- July 2024: Valuation jumps to $2.3 B after the latest $131.5 M injection.
- 2024‑2025: Uzbekistan is recognized as one of Central Asia’s fastest‑growing digital economies【[TimesCA]】, driven by:
- A youthful, tech‑savvy population
- Rapid smartphone adoption
- Low penetration of online retail and banking services
About Uzum
- Founded: 2022
- Core Offering: Integrated platform that combines e‑commerce, digital payments, and consumer lending, creating a seamless “digital ecosystem” for Uzbek consumers.
Sources
- Uzum – Company website
- TechCrunch – Uzbekistan’s first unicorn Uzum leaps to a $1.5B valuation (Aug 2023)
- TechCrunch – Uzbekistan unicorn Uzum Series A funding (Mar 2024)
- TimesCA – Uzbekistan emerges as one of Europe and Central Asia’s fastest‑growing economies
Building Uzbekistan’s Digital Ecosystem
Uzum began with an e‑commerce marketplace, Uzum Market, and has since expanded into financial services through its digital‑banking arm Uzum Bank and consumer‑lending platform Uzum Nasiya. The startup also operates an express food‑delivery service, Uzum Tezkor, as part of its strategy to build an integrated ecosystem spanning commerce, payments, and banking.
- Monthly active users (MAU) – > 17 million (August 2025) → ≈ 20 million today (over half of Uzbekistan’s adult population)
- Local sellers – > 17 000 on the marketplace
- Payment volume (2025) – ≈ $11 billion processed across the ecosystem
- Annual transacting users (2025) – ≈ 4.6 million (up from ~3 million in 2024)
TechCrunch Event
| Location | Date |
|---|---|
| San Francisco, CA | October 13‑15, 2026 |
Image credit: Uzum
Chief Executive Djasur Djumaev said Uzbekistan’s retail sector could evolve differently from many other markets, with e‑commerce playing a central role in that shift.
“Previously, we’ve mentioned that e‑commerce is something that’s going to transform into retail,” Djumaev told TechCrunch. “It will leapfrog the traditional retail phase in the country, moving from bazaars and informal trade directly into digital commerce.”
Source: TechCrunch – Uzbekistan’s first unicorn Uzum leaps to a $1.5 B valuation (Aug 5 2025)
Fintech Driving Profitability
Uzum’s financial performance has grown alongside its expanding ecosystem. The startup reported revenue of $691 million in 2025, up from $505 million a year earlier, while net income rose to $176 million from $150 million. Its e‑commerce marketplace generated $500 million in gross merchandise value (GMV) and reached EBITDA profitability after three years of operation, the company says.
“You need to invest in infrastructure yourself to deliver and shift customer expectations.” – Nikolay Seleznev, Chief Strategy & Business Development Officer
Key Financial Highlights (2025)
| Metric | 2025 | 2024 |
|---|---|---|
| Revenue | $691 M | $505 M |
| Net Income | $176 M | $150 M |
| GMV (Marketplace) | $500 M | — |
| Unsecured Loan Book | $400 M | — |
| Total Finance Volume (credit disbursed) | $1.2 B | — |
| Debit Cards Issued | 4.1 M (≈ 50 % of Uzbekistan) | — |
| Banking Customers | ~5 M | — |
Fintech Operations
- Digital bank: ~5 million customers.
- Debit cards: 4.1 million issued in 2025 (≈ ½ of all cards in Uzbekistan).
- Unsecured loans: $400 million outstanding.
- Finance volume: $1.2 billion of credit disbursed through the platform.
- Growth outlook: Targeting an additional 5 million banking customers in the next year as lending and payment services expand.
Marketplace Expansion
- Cross‑border commerce: Added ~200 M SKUs from Turkey, China, and other markets.
- Local inventory: 1.5 M products available for next‑day delivery.
Logistics & Physical Infrastructure
| Asset | Current (2025) | Planned (2026) |
|---|---|---|
| Pickup points | ~1,500 nationwide | ~3,000 |
| Warehouse space | 125,000 m² | 500,000 m² (four new logistics centers) |
Seleznev told TechCrunch that building logistics infrastructure has been essential for scaling e‑commerce in Uzbekistan, where third‑party fulfillment providers remain limited.
Funding Use
- Expand fintech infrastructure (ATMs, payment acceptance, POS systems).
- Deepen product offerings across commerce and financial services.
- Build a fully integrated digital banking platform.
IPO Outlook
- Target timeline: Within the next three years (exact date TBD).
- Potential listing venues: U.S., Europe, Middle East, Southeast Asia.
Workforce
- Employees: ~12,500 staff supporting commerce, fintech, and logistics growth.
Image: Uzum Bank
Image Credit: Uzum