Uzbekistan’s Uzum Surges in Value, Reaching $2.3B in Just Seven Months

Uzbekistan’s fintech industry has seen significant growth, with Uzum now valued at $2.3 billion, a 53% increase from just seven months ago. This surge in valuation comes as investors show increasing interest in the country’s burgeoning digital economy.

The latest valuation follows a $131.5 million investment round led by sovereign wealth funds from Oman, with existing investors like Tencent, VR Capital, and FinSight Ventures also participating. The funding consists of $81.5 million in equity and $50 million in convertible financing linked to Uzum’s future funding round, aiming for a potential pre-IPO raise of $250 million to $300 million in the latter half of 2026 or early 2027.

Uzum made headlines in August after securing a $65.5 million investment at a $1.5 billion valuation, becoming Uzbekistan’s first unicorn in March 2024.

The current investment reflects Uzbekistan’s rapid digital transformation, driven by factors such as a young population, increasing smartphone adoption, and limited online retail and banking services penetration.

Established in 2022, Uzum has evolved into Uzbekistan’s leading digital ecosystem, integrating e-commerce, payments, and consumer lending services.

Striving to Develop Uzbekistan’s Digital Ecosystem

Uzum initially focused on an e-commerce platform, Uzum Market, before expanding into financial services through Uzum Bank and consumer lending via Uzum Nasiya. The company also offers express food delivery through Uzum Tezkor, aiming to create a comprehensive ecosystem encompassing commerce, payments, and banking.

By the time of the previous funding round in August 2025, Uzum boasted over 17 million monthly active users, a number that has now grown to approximately 20 million, representing over half of Uzbekistan’s adult population. The platform connects 17,000 local sellers, with transactions totaling $11 billion in 2025. The user base engaging in transactions annually increased to around 4.6 million in 2025 from about 3 million the previous year.

CEO Djasur Djumaev envisions a unique evolution of Uzbekistan’s retail sector, with e-commerce leading the transformation, skipping traditional retail models.

Djumaev stated, “We believe that e-commerce will redefine retail in Uzbekistan, bypassing conventional methods and directly embracing digital commerce.”

Fintech as a Key Driver of Success

Uzum’s financial performance has paralleled its ecosystem’s growth. The company reported revenue of $691 million in 2025, up from $505 million the previous year, with net income increasing from $150 million to $176 million. The e-commerce platform alone generated $500 million in gross merchandise value and achieved EBITDA profitability after three years.

Nikolay Seleznev, Uzum’s chief strategy and business development officer, highlighted the pivotal role of fintech in the company’s profitability.

Uzum’s digital banking arm serves approximately 5 million customers, issuing 4.1 million debit cards in 2025, representing half of all cards issued in Uzbekistan that year. The unsecured loan portfolio has reached $400 million, with a total finance volume of $1.2 billion in 2025. Uzum plans to onboard another 5 million banking customers in the coming year, expanding its lending and payment services.

The company has expanded its marketplace to include international sellers, enabling Uzbek consumers to purchase products directly from global merchants. This initiative has added nearly 200 million stock-keeping units (SKUs) from countries like Turkey and China. Alongside international offerings, the platform collaborates with local sellers, offering approximately 1.5 million products for next-day delivery.

To facilitate this expansion, Uzum has heavily invested in logistics and physical infrastructure nationwide. With around 1,500 pickup points currently operational, the company plans to double that number to 3,000 by 2026. Additionally, Uzum is constructing four logistics centers to increase warehouse capacity from 125,000 square meters to 500,000 square meters.

Seleznev emphasized the importance of developing logistics infrastructure to support e-commerce growth in Uzbekistan, where third-party fulfillment services are limited.

He stated, “Investing in infrastructure is crucial to meet delivery demands and exceed customer expectations.”

With the new funding, Uzum intends to enhance its fintech infrastructure and broaden its product offerings in commerce and financial services. Plans include expanding ATMs, payment acceptance systems, and point-of-sale terminals to create a comprehensive digital banking platform.

Seleznev revealed Uzum’s ambition to go public in the next three years, exploring listing opportunities on various global exchanges to attract international investors.

Currently employing approximately 12,500 individuals, Uzum continues to grow its operations in commerce, fintech, and logistics across Uzbekistan.