Summary:
Uzum, Uzbekistan’s first unicorn, hits $1.5B valuation after a $65.5M funding round co-led by Tencent and VR Capital
The startup grew from e-commerce to fintech and food delivery, serving 17M monthly users and 16K merchants
Local expertise + global execution fueled rapid scaling, with 1,500+ pickup points and 1.5M SKUs for next-day delivery
Plans include fintech expansion, international e-commerce, AI integration, and a $250–300M Series B in 2026
Uzbekistan’s First Unicorn: Uzum’s Remarkable Journey
In a significant milestone for Central Asia, Uzum, Uzbekistan’s homegrown startup, has achieved a $1.5 billion valuation after raising $65.5 million in a funding round co-led by Tencent and VR Capital, with participation from FinSight Ventures. This marks a 30% increase from its $1.16 billion valuation in March 2024, solidifying its status as Uzbekistan’s first unicorn.
The Rise of Uzum
Founded in 2022, Uzum began as an e-commerce marketplace (Uzum Market) and quickly expanded into fintech (Uzum Bank) and food delivery (Uzum Tezkor). Today, it boasts:
- 17 million monthly active users (nearly half of Uzbekistan’s adult population)
- 16,000 merchants
- $250 million in GMV in H1 2025 (1.5x YoY growth)
- 2 million Visa debit cards issued (targeting 5 million by year-end)
- $200 million in unsecured lending volume in Q1 2025 (3.4x YoY growth)
Key to Success: Local Expertise + Global Execution
CEO Djasur Djumaev attributes Uzum’s rapid scaling to:
- Deep local knowledge: Understanding Uzbekistan’s culture, consumer behavior, and business environment.
- Infrastructure built from scratch:
- 112,000 sqm logistics capacity
- 1,500+ pickup points across 450 locations
- 1.5 million SKUs for next-day delivery
- Disciplined execution: Combining local insights with global operational best practices.
Uzum’s pickup points enable next-day deliveries and card distribution.
What’s Next for Uzum?
- Fintech expansion: Launching deposit products and long-term credit facilities.
- E-commerce growth: Opening the marketplace to international merchants (China and Turkey first).
- AI integration: Enhancing credit scoring, fraud protection, and personalized experiences.
- IPO plans: Targeting a Series B round of $250–$300 million in H1 2026, with a medium-term goal of going public.
Uzum’s story is a testament to the potential of frontier markets when local expertise meets global investment.
Comments