In a significant milestone for Uzbekistan’s burgeoning tech industry, Uzum, the nation’s pioneering unicorn, has secured $65.5 million in a recent funding round. This investment was co-led by China’s Tencent and the New York- and London-based VR Capital, with additional participation from U.S.-based FinSight Ventures. This infusion of capital elevates Uzum’s post-money valuation to approximately $1.5 billion, marking a nearly 30% increase from its $1.16 billion valuation in March 2024.
Origins and Rapid Expansion
Established in 2022, Uzum began its journey with the launch of Uzum Market, an e-commerce platform that quickly gained traction among Uzbek consumers. Building on this success, the company expanded its services to include fintech solutions, introducing a co-branded Visa debit card with pre-approved credit limits in August 2024. This product has seen remarkable adoption, with over 2 million cards issued in the first half of 2025 and projections to surpass 5 million by year-end. Additionally, Uzum ventured into the express food delivery sector with Uzum Tezkor, further diversifying its service offerings.
Impressive Growth Metrics
Uzum’s growth trajectory has been nothing short of impressive. The platform now boasts over 17 million monthly active users, representing nearly half of Uzbekistan’s adult population and approximately two-thirds of the country’s smartphone users. In the first half of 2025 alone, Uzum recorded a gross merchandise value (GMV) of $250 million, reflecting a 1.5x year-over-year increase. The company’s unsecured lending business also experienced significant growth, with financed volumes reaching $200 million in Q1 2025, a 3.4x increase from the same period in the previous year. These robust financials contributed to a net income of $150 million in 2024, marking a 50% year-over-year increase.
Strategic Infrastructure Development
A key factor in Uzum’s rapid ascent has been its strategic investment in both digital and physical infrastructure. The company has developed a logistics network encompassing over 112,000 square meters, with a storage capacity of 1.1 million square feet, enabling the processing of more than 200,000 orders daily. To facilitate efficient delivery, Uzum has established over 1,500 pickup points across 450 cities, towns, settlements, and villages, ensuring next-day delivery services. These pickup points also serve as distribution centers for Uzum Bank cards, enhancing the company’s fintech reach.
Diversified Delivery Models
Initially operating on a fulfilled-by-operator model, Uzum has diversified its logistics by introducing fulfillment-by-seller and delivery-by-seller options. The company aims to route 20–30% of deliveries through these new models, which will also help expand its stock-keeping units (SKUs). Currently, over 1.5 million SKUs are available for next-day delivery, a significant increase from over 600,000 SKUs in March 2024.
Investor Confidence and Future Plans
The recent funding round underscores the confidence that global investors have in Uzum’s business model and growth potential. The company’s strong growth metrics and strategic vision attracted Tencent, a world-leading internet and technology company, to join its cap table after several quarters of discussions. Uzum plans to utilize the fresh capital to accelerate the rollout of digital lending and deposit products, expand its Visa debit card program, and further scale its financial infrastructure. The company is also embedding AI across credit scoring, fraud prevention, and personalized user experiences to enhance its fintech offerings.
Global Expansion and Future Outlook
Looking ahead, Uzum plans to open its e-commerce marketplace to international merchants, beginning with those in China and Turkey in September. The company anticipates that 10 to 15% of cross-border activity will originate from these countries. With a workforce exceeding 12,000 employees, including logistics personnel and tech teams, Uzum is well-positioned for continued growth. The company has plans to raise a Series B round of $250–$300 million in the first half of 2026, with an eye toward a future public offering.
Conclusion
Uzum’s remarkable journey from a startup to Uzbekistan’s first unicorn reflects the company’s strategic vision, deep understanding of the local market, and disciplined execution. By integrating e-commerce, fintech, and digital banking services, Uzum has not only transformed the digital landscape in Uzbekistan but also set a precedent for tech innovation in Central Asia.
