Uzum, a prominent fintech company in Uzbekistan, has achieved a remarkable valuation of $2.3 billion, marking a significant increase of approximately 53% in just seven months. This surge in valuation is fueled by a substantial investment of $131.5 million, primarily from Oman's sovereign wealth fund, along with contributions from existing investors such as Tencent, VR Capital, and FinSight Ventures. The funding round includes $81.5 million in equity and $50 million in convertible financing, aimed at supporting Uzum's anticipated pre-IPO fundraising of $250 million to $300 million in late 2026 or early 2027.
In August, Uzum raised $65.5 million at a valuation of $1.5 billion, becoming the first unicorn in Uzbekistan in March 2024. This latest investment reflects the growing confidence in Uzbekistan as it emerges as one of Central Asia's fastest-growing digital economies, supported by a youthful demographic, rapid smartphone adoption, and increasing online retail and banking services.
Advancing Uzbekistan's Digital Ecosystem
Founded in 2022, Uzum has rapidly established itself as Uzbekistan's leading digital ecosystem, integrating e-commerce, payments, and consumer lending. The company began with Uzum Market, an e-commerce platform, and has since expanded into financial services through Uzum Bank and its consumer lending service, Uzum Nasiya. Additionally, Uzum Tezkor, an express food delivery service, enhances its comprehensive service offerings.
As of now, Uzum boasts around 20 million users on its platform, representing over half of Uzbekistan's adult population. The marketplace connects more than 17,000 local sellers, processing approximately $11 billion in payment volume in 2025. The number of annual transacting users rose to 4.6 million in 2025, up from 3 million the previous year.
Fintech as a Profit Engine
Uzum's financial growth aligns with its expanding ecosystem, reporting revenues of $691 million in 2025, an increase from $505 million in 2024. The company achieved an EBITDA profitability milestone within three years of launching its e-commerce platform, which generated $500 million in gross merchandise value.
The digital bank serves around 5 million customers and issued 4.1 million debit cards in 2025, accounting for nearly half of all cards issued in the country. The startup's total finance volume reached $1.2 billion in 2025, with plans to expand its customer base further.
Uzum is broadening its marketplace by introducing cross-border commerce, allowing consumers to access products from international merchants. This initiative has added nearly 200 million SKUs from markets like Turkey and China, while also enhancing local inventory.
To sustain its growth trajectory, Uzum is investing in logistics and physical infrastructure, aiming to expand its pickup points from 1,500 to 3,000 by 2026 and increase warehouse capacity significantly. This strategic investment in logistics is crucial for scaling e-commerce in Uzbekistan.
With plans to utilize the new funding for enhancing its fintech infrastructure and expanding product offerings, Uzum is poised for a potential public listing within the next few years, eyeing various international exchanges. This trajectory not only highlights Uzum's ambition but also signifies a transformative shift in Uzbekistan's retail landscape towards digital commerce.