Uzbekistan's Uzum valuation leaps over 50% in seven months to .3B

Uzbekistan fintech company Uzum has achieved a remarkable milestone, reaching a valuation of $2.3 billion, which marks an increase of approximately 53% in just seven months. This surge in valuation is primarily attributed to a significant investment round led by sovereign wealth funds from Oman, along with participation from existing investors such as Tencent, VR Capital, and FinSight Ventures.

Investment Details

The recent funding round raised a total of $131.5 million, which includes $81.5 million in equity and $50 million in convertible financing linked to Uzum’s next funding round. The startup is targeting a potential pre-IPO raise of between $250 million and $300 million, anticipated in the latter half of 2026 or early 2027.

Growth of Uzum

Founded in 2022, Uzum has rapidly established itself as Uzbekistan’s leading “digital ecosystem.” Initially starting as an e-commerce marketplace known as Uzum Market, the company has expanded its services to include financial offerings through Uzum Bank and consumer lending via Uzum Nasiya. Additionally, it operates an express food delivery service called Uzum Tezkor.

Market Expansion

As of today, Uzum boasts around 20 million users, which constitutes more than half of Uzbekistan’s adult population. The platform connects over 17,000 local sellers, and its ecosystem processed approximately $11 billion in payment volume in 2025. The number of annual transacting users rose significantly to about 4.6 million in 2025, compared to around 3 million the previous year.

Transforming the Retail Landscape

According to Uzum’s Chief Executive Djasur Djumaev, the retail sector in Uzbekistan is on the brink of transformation, with e-commerce playing a pivotal role. Djumaev stated, “E-commerce is something that’s going to transform into retail. It will leapfrog the traditional retail phase in the country, moving from bazaars and informal trade directly into digital commerce.”

Financial Performance

Uzum’s financial performance has mirrored its rapid growth. The startup reported a revenue of $691 million in 2025, an increase from $505 million the previous year. Its net income also rose to $176 million, up from $150 million. The e-commerce marketplace generated $500 million in gross merchandise value and achieved EBITDA profitability after just three years of operation.

Fintech Operations

The fintech segment of Uzum remains the primary source of profitability within its ecosystem. The digital bank currently serves around 5 million customers and issued 4.1 million debit cards in 2025, accounting for approximately half of all cards issued in Uzbekistan that year. The startup’s unsecured loan book has grown to $400 million, with total finance volume reaching $1.2 billion in 2025.

Cross-Border Commerce

In an effort to expand its marketplace, Uzum has introduced cross-border commerce, allowing Uzbek consumers to purchase products directly from international merchants. This initiative has added nearly 200 million stock-keeping units (SKUs) from markets including Turkey and China. The platform collaborates with local sellers to provide around 1.5 million products available for next-day delivery.

Logistics and Infrastructure Development

To support its growth, Uzum has been heavily investing in logistics and physical infrastructure throughout Uzbekistan. Currently, the startup operates about 1,500 pickup points nationwide, with plans to expand this network to around 3,000 locations by 2026. Moreover, Uzum is enhancing its warehouse capacity from 125,000 square meters to approximately 500,000 square meters through the construction of four new logistics centers.

Importance of Infrastructure

Nikolay Seleznev, Uzum’s Chief Strategy and Business Development Officer, emphasized the necessity of building logistics infrastructure to scale e-commerce in Uzbekistan, where third-party fulfillment providers are limited. “You need to invest in infrastructure yourself to deliver and shift customer expectations,” Seleznev noted.

Future Plans

With the new funding, Uzum plans to further enhance its fintech infrastructure and expand its product offerings across both commerce and financial services. The startup intends to invest in additional ATMs, payment acceptance infrastructure, and point-of-sale systems as it aims to build a fully integrated digital banking platform.

Going Public

Uzum has expressed ambitions to go public within the next few years, potentially within three years, although the exact timeline remains undecided. The startup is exploring various potential listing venues, including exchanges in the U.S., Europe, the Middle East, and Southeast Asia, as it positions itself for global investors.

Employment and Economic Impact

As Uzum continues to expand its commerce, fintech, and logistics operations across Uzbekistan, it currently employs around 12,500 people. The growth of Uzum not only signifies a successful business model but also highlights the potential for economic development in Uzbekistan’s digital landscape.

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