Uzum, the leading digital commerce and fintech platform in Uzbekistan, has secured $65.5 million in equity funding, pushing its post-money valuation to $1.5 billion — a 30% increase since reaching unicorn status in March 2024.
The round was co-led by Tencent and VR Capital, with participation from FinSight Ventures.
A super app built from the ground up
Founded in 2022, Uzum launched with an e-commerce marketplace and has since expanded into digital banking, lending, and food delivery. Its flagship products include:
- Uzum Market (e-commerce)
- Uzum Tezkor (express delivery)
- Uzum Bank (digital banking with Visa debit card)
The unicorn now reaches 17 million monthly active users, nearly half the country’s adult population, and supports over 16,000 merchants. In H1 2025, it generated $250 million in GMV, while net income hit $150 million in 2024, a 50% YoY increase.
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Building logistics and finance rails from scratch
To support its rapid growth, the firm built 112,000 sq. m. of logistics space and can handle over 200,000 daily orders. It has deployed 1,500+ pickup points across 450+ towns and cities, which also serve as card distribution hubs.
Its fintech arm issued 2 million Visa debit cards in its first year, with a goal of reaching 5 million by year-end. Its unsecured lending operation grew 3.4x YoY, hitting $200M in financed volume in Q1 2025.
From frontier market to global investor magnet
CEO and founder Djasur Djumaev credits Uzum’s success to deep local execution and technical rigor:
“We’ve paired our knowledge of the Uzbek market with world-class operational playbooks. That’s allowed us to move fast and scale sustainably.”
Tencent joined the cap table after tracking Uzum’s growth over several quarters, recognizing its super app potential in a frontier market with limited digital infrastructure.
What’s next: B2C lending, deposits, cross-border commerce
The company plans to launch:
- A deposit product (Sept 2025)
- Long-term B2C credit facilities
- Expanded QR-code merchant payment tools
- New financial services for SMBs
- Ad monetization for merchants
- A cross-border marketplace for sellers in China and Turkey
Cross-border commerce is expected to account for 10–15% of sales, starting Q4 2025.
On track for IPO, Series B planned for 2026
With over 12,000 employees and momentum across verticals, Uzum plans to raise a $250–300M Series B in H1 2026. A public listing is also on the horizon.
