Uzbekistan’s Uzum sees its valuation soar by more than 50% in just seven months, reaching $2.3 billion

Uzum’s Valuation Soars as Uzbekistan’s Digital Economy Accelerates

Image Credits: Uzum

Uzbekistan-based fintech company Uzum has seen its valuation climb to $2.3 billion, marking a 53% increase in just seven months. This surge reflects growing investor confidence in Uzbekistan’s rapidly developing digital sector.

The latest valuation follows a $131.5 million funding round led by Oman’s sovereign wealth funds, with continued support from existing backers such as Tencent, VR Capital, and FinSight Ventures. The round includes $81.5 million in equity and $50 million in convertible notes, which will convert during Uzum’s next fundraising event. The company is eyeing a pre-IPO raise of $250–$300 million in late 2026 or early 2027.

Back in August, Uzum secured $65.5 million at a $1.5 billion valuation, after becoming Uzbekistan’s first unicorn in March 2024.

This new investment comes as Uzbekistan, the most populous nation in Central Asia, is recognized as one of the region’s fastest-growing digital economies. The country’s youthful demographic, widespread smartphone use, and relatively low adoption of online retail and banking are fueling this growth.

Founded in 2022, Uzum has quickly established itself as the country’s top “digital ecosystem,” offering a blend of e-commerce, digital payments, and consumer lending services.

Expanding a Comprehensive Digital Platform

Uzum started with its online marketplace, Uzum Market, and has since branched out into digital banking through Uzum Bank and consumer loans via Uzum Nasiya. The company also runs Uzum Tezkor, a rapid food delivery service, furthering its goal of creating a unified platform that covers commerce, payments, and banking.

As of its August 2025 funding round, Uzum reported over 17 million monthly active users. That number has now grown to approximately 20 million, representing more than half of Uzbekistan’s adult population. The marketplace connects upwards of 17,000 local merchants, and in 2025, the platform processed about $11 billion in payments. The number of users making transactions annually rose from 3 million to 4.6 million over the past year.

Image Credits: Uzum

CEO Djasur Djumaev believes Uzbekistan’s retail landscape is set to evolve differently from other markets, with digital commerce at the forefront of this transformation.

“We’ve previously stated that e-commerce will redefine retail here,” Djumaev told TechCrunch. “Uzbekistan will likely bypass the traditional retail phase, shifting directly from bazaars and informal markets to digital commerce.”

Fintech Fuels Uzum’s Growth

Uzum’s financial results have improved in tandem with its expanding ecosystem. In 2025, the company reported $691 million in revenue, up from $505 million the previous year, while net income increased to $176 million from $150 million. Its e-commerce platform generated $500 million in gross merchandise value and achieved EBITDA profitability within three years, according to the company.

Fintech Remains Core to Profitability

Nikolay Seleznev, Uzum’s chief strategy and business development officer, noted that fintech remains the main driver of profitability within the company’s ecosystem.

Uzum’s digital bank now serves roughly 5 million customers and issued 4.1 million debit cards in 2025, accounting for about half of all cards issued in Uzbekistan that year. The company’s unsecured loan portfolio has reached $400 million, and total credit disbursed through its platform hit $1.2 billion in 2025. Uzum expects to add another 5 million banking customers in the coming year as it broadens its lending and payment offerings.

Image Credits: Uzum

The company has also expanded its marketplace internationally, enabling Uzbek consumers to purchase goods directly from overseas sellers. This initiative has added nearly 200 million SKUs from countries such as Turkey and China. Alongside this, local merchants offer about 1.5 million products available for next-day delivery.

To support its rapid growth, Uzum has invested significantly in logistics and infrastructure. The company currently operates around 1,500 pickup points across Uzbekistan, with plans to double that number by 2026. Its warehouse space totals 125,000 square meters, with a goal of expanding to 500,000 square meters through four new logistics centers currently under construction.

Seleznev explained to TechCrunch that developing in-house logistics has been crucial for scaling e-commerce in Uzbekistan, where third-party fulfillment options are limited.

“To meet and exceed customer expectations, you have to build the infrastructure yourself,” he said.

The latest funding will help Uzum further develop its fintech infrastructure and enhance its range of products across both commerce and financial services. Planned investments include more ATMs, payment acceptance solutions, and point-of-sale systems, all aimed at building a fully integrated digital banking platform.

Seleznev added that Uzum is preparing for a public listing within the next few years, though the exact timing is still under consideration. The company is evaluating several potential stock exchanges in the U.S., Europe, the Middle East, and Southeast Asia as it seeks to attract global investors.

Currently, Uzum employs about 12,500 people as it continues to expand its operations in commerce, fintech, and logistics throughout Uzbekistan.