Uzum reaches $2.3 billion valuation in new funding round

Uzum, an Uzbekistan-based digital ecosystem—a business model combining e-commerce, payments, and consumer lending—has reached a $2.3 billion valuation after raising $131.5 million in a new investment round. The funding consists of $81.5 million in equity and $50 million in convertible financing. Existing investors in the company include Tencent, VR Capital, and FinSight Ventures. The new valuation represents an increase of about 53% from August, when Uzum raised $65.5 million at a $1.5 billion valuation. The startup, founded in 2022, became the country’s first unicorn in March 2024.

The ecosystem, which reported more than 17 million monthly active users in August 2025, now reaches about 20 million users. Its marketplace connects over 17,000 local sellers. Key financial and operational metrics for Uzum in 2025 include:

• Payment Volume: Around $11 billion processed across the ecosystem.
• Revenue: $691 million, up from $505 million in 2024.
• Net Income: $176 million, up from $150 million in 2024.
• E-commerce: $500 million in gross merchandise value.
• Transacting Users: About 4.6 million annual transacting users, up from around 3 million in 2024.
• Digital Banking: Around 5 million customers, with 4.1 million debit cards issued in 2025.
• Lending: An unsecured loan book of $400 million, with total finance volume reaching $1.2 billion in 2025.

To support this growth, Uzum is investing in its physical infrastructure. The company currently operates about 1,500 pickup points and around 125,000 square meters of warehouse capacity, with plans to expand to around 3,000 pickup points and about 500,000 square meters of warehouse space. The platform has also introduced cross-border commerce, adding inventory from markets including Turkey and China. Chief strategy and business development officer Nikolay Seleznev noted, “You need to invest in infrastructure yourself to deliver and shift customer expectations.” Chief executive Djasur Djumaev noted that e-commerce in the country is set to leapfrog traditional retail, moving directly from bazaars and informal trade into digital commerce. The company currently employs around 12,500 people.

Looking ahead, Uzum targets a potential $250 million to $300 million pre-IPO raise, likely in the second half of 2026 or early 2027. Seleznev indicated that Uzum aims to go public within the next few years, likely within three years. The company has been exploring potential listing venues in the U.S., Europe, the Middle East, and Southeast Asia.

Why it matters

Uzum’s valuation growth highlights the rapid maturation of Uzbekistan’s digital economy. By integrating e-commerce, fintech, and logistics infrastructure, the company is positioning itself as a regional leader in Central Asia.