Tashkent, Uzbekistan — Defying global geopolitical divides, Uzbekistan-based tech startup Uzum has cemented its status as the country’s first unicorn, raising $65.5 million in a new equity round that boosts its valuation to $1.5 billion.
The round was co-led by China’s Tencent and VR Capital, with participation from U.S.-based FinSight Ventures, underscoring Uzbekistan’s emergence as a neutral investment destination bridging East and West.
Founded in 2022, Uzum started as an e-commerce platform, Uzum Market, and has since evolved into a multi-vertical ecosystem encompassing fintech, food delivery, and digital banking. The startup now boasts over 17 million monthly active users, representing nearly half of Uzbekistan’s adult population, and partners with 16,000+ merchants across the country.
Its digital bank, Uzum Bank, launched a co-branded Visa debit card in August 2024, issuing over 2 million cards so far and aiming to cross 5 million by the end of 2025. Uzum’s unsecured lending arm reached $200 million in Q1 volume, a 3.4x increase year-over-year, while the company also recorded $150 million in net income in 2024, up 50% from the previous year.
Speaking exclusively to TechCrunch, CEO and founder Djasur Djumaev said the company’s rapid scale stems from its “deep local understanding and disciplined execution.”
“Betting on local expertise and infrastructure in frontier markets gives you an advantage to then perform and scale your business very fast,” Djumaev said.
Uzum has built a robust delivery and distribution network, with over 1,500 pickup points across 450+ locations in Uzbekistan, supporting same- and next-day deliveries. Its logistics infrastructure spans 112,000 square meters, with the capacity to process over 200,000 orders per day.
With backing from major global investors and impressive traction in just three years, Uzum is now not only Uzbekistan’s first unicorn, but a rising force in the broader Central Asian digital economy.
As Uzbekistan’s first unicorn continues to scale, Uzum is aggressively diversifying its operations and planning international expansion. Following its recent $65.5 million funding round, which boosted its valuation to $1.5 billion, the company is now refining its logistics strategy and preparing a suite of new fintech and e-commerce offerings.
Initially operating on a fulfilled-by-operator model, Uzum has added fulfilled-by-seller and delivery-by-selleroptions to improve efficiency and flexibility for merchants. The company aims to route 20% to 30% of deliveries through these new models, enabling it to grow its stock-keeping units (SKUs) — now over 1.5 million, more than double the 600,000 reported in March 2024.
The improvements in operational efficiency are part of what drew Tencent to the cap table during this round. According to Nikolay Seleznev, Uzum’s Chief Strategy and Business Development Officer, the startup’s “strong growth metrics” helped solidify investor confidence after multiple quarters of discussions.
“Tencent had been observing us closely,” Seleznev told TechCrunch. “Our consistent growth and expanding logistics infrastructure were key factors that aligned with their strategic investment goals.”
Fintech Momentum and New Product Pipeline
Uzum is now preparing to deepen its fintech footprint by launching a deposit product in September and a long-term credit facility for B2C customers. The company will also enhance its Visa debit card program, extend its QR payment system for merchants, and develop tailored solutions for small and medium enterprises (SMEs).
The startup’s fintech arm already posted impressive traction, with 2 million Visa cards issued and $200 million in lending volume in Q1 alone.
In parallel, Uzum is working on value-added services for its e-commerce platform, including advertising revenue features and AI-powered enhancements in credit scoring, fraud detection, and personalized shopping experiences.
International Marketplace & Future Plans
Looking beyond Uzbekistan, Uzum will open its e-commerce marketplace to international sellers, beginning with China and Turkey in September 2025. The company expects 10–15% of cross-border activity to stem from these countries in the initial phase.
Currently employing over 12,000 people across logistics, engineering, product, and support teams, Uzum is gearing up for its next funding milestone. A Series B round of $250–$300 million is planned for the first half of 2026, with medium-term plans to go public once sustainable revenue channels are firmly established.
To date, Uzum has raised $137 million in equity funding, including its most recent round. As the startup builds one of Central Asia’s most robust digital ecosystems, its hybrid approach of local market expertise and global best practicescontinues to attract investors — and set a blueprint for emerging-market innovation.
