Hajra Naz
In a time of global tension between East and West, Uzbekistan is quietly bridging the gap. Its first homegrown unicorn, Uzum, just secured $65.5 million in new funding. The round was led by China’s Tencent and VR Capital, based in New York and London. U.S.-based FinSight Ventures also joined.
This new funding lifts Uzum’s valuation to $1.5 billion, up nearly 30% from the $1.16 billion it reached in March 2024.
How Uzum Took Off
Uzum launched in 2022 with a simple e-commerce platform called Uzum Market. After gaining traction, it expanded into fintech and food delivery under Uzum Tezkor. The platform now serves over 17 million monthly active users—that’s nearly half of Uzbekistan’s adult population.
It also supports 16,000 merchants. In the first half of 2025, it posted $250 million in gross merchandise value—1.5x growth compared to last year.
Building Fintech from the Ground Up
In August 2024, Uzum Bank released a Visa debit card with pre-approved credit. Over 2 million cards have been issued so far. It’s expected to cross 5 million by the end of the year.
The company’s unsecured lending arm is also growing fast. In Q1 2025, it financed $200 million, more than 3x last year’s number. Last year, Uzum posted $150 million in net income, up 50% year-over-year.
What Makes Uzum Stand Out
CEO Djasur Djumaev credits the startup’s rise to local knowledge and tight execution. He says knowing how people shop, think, and live in Uzbekistan helped them scale faster. Uzum built its infrastructure—both online and physical—from scratch.
Today, it runs a 112,000-square-meter logistics network, processes 200,000+ orders a day, and offers 1.1 million square feet of storage. It also has 1,500 pickup points spread across 450 cities, towns, and villages. These also help distribute bank cards.
New Delivery Models and Inventory Growth
Uzum started with its delivery service, but now lets sellers handle their logistics too. Around 20–30% of orders will soon go through these newer models. It also boosted its inventory to over 1.5 million SKUs, up from 600,000 in March 2024.
Why Tencent Invested
According to Uzum’s Chief Strategy Officer, Nikolay Seleznev, Tencent was watching for months. They were finally convinced by Uzum’s rapid growth, expanding user base, and strong financials.
What’s Next for Uzum?
Uzum will launch a deposit product in September. It’s also introducing long-term credit options for B2C customers. There are plans to roll out QR code payments, expand the Visa debit card program, and offer tools to support small and mid-sized businesses.
On the e-commerce side, Uzum will add ad revenue tools and value-added services. It’s also investing in AI, especially for credit scoring, fraud detection, and user personalization.
Opening to International Sellers
Uzum plans to allow cross-border sellers from China and Turkey on its platform starting in September. These markets are expected to bring 10–15% of new activity.
Team and Future Plans
Uzum employs over 12,000 people, including delivery staff and tech talent. It aims to go public in the medium term. Before that, it plans to raise a Series B round of $250–$300 million in early 2026.
So far, Uzum has raised a total of $137 million in equity funding.
