Central Asia’s digital economy is attracting serious institutional capital, and Uzbekistan’s Uzum is emerging as the region’s clearest proof of that trend.
The startup has closed a $131.5 million funding round that values it at $2.3 billion — a 53% increase from the $1.5 billion valuation it carried just seven months ago. The round was led by sovereign wealth funds from Oman, with participation from existing backers including Tencent, VR Capital, and FinSight Ventures. Structurally, the deal breaks into $81.5 million in equity and $50 million in convertible financing linked to a future round. According to the announcement, Uzum is targeting a $250 million to $300 million pre-IPO raise in the second half of 2026 or early 2027.
Founded in 2022, the company built its position by combining e-commerce, payments, and consumer lending into a single platform it describes as a digital ecosystem. It reached unicorn status in March 2024 and has scaled rapidly since. The ecosystem now reaches approximately 20 million users — more than half of Uzbekistan’s adult population — up from 17 million monthly active users reported at its August 2025 raise. Annual transacting users grew to roughly 4.6 million in 2025 from around 3 million a year earlier, and its marketplace connects more than 17,000 local sellers.
Financials Built on Fintech
Uzum reported revenue of $691 million in 2025, up from $505 million the prior year, while net income rose to $176 million from $150 million. Total payment volume processed across the ecosystem reached approximately $11 billion in 2025. The e-commerce arm, Uzum Market, generated $500 million in gross merchandise value and reached EBITDA profitability after three years of operation, the company says.
Chief Strategy and Business Development Officer Nikolay Seleznev stated that the fintech operations remain the primary profitability driver within the group. Uzum Bank currently serves around 5 million customers and issued 4.1 million debit cards in 2025 — roughly half of all cards issued in Uzbekistan that year. The unsecured loan book stands at $400 million, and total credit disbursed through the platform reached $1.2 billion in 2025. The company expects to add another 5 million banking customers over the coming year.
The Market Thesis
Uzbekistan’s position as Central Asia’s most populous country, combined with low penetration of online retail and banking services and high smartphone adoption among a young population, forms the structural basis for investor confidence. Chief Executive Djasur Djumaev framed the opportunity in direct terms: “It will leapfrog the traditional retail phase in the country, moving from bazaars and informal trade directly into digital commerce.”
Beyond e-commerce and banking, Uzum also operates Uzum Nasiya, a consumer lending platform, and Uzum Tezkor, an express food delivery service — components designed to deepen user engagement across the ecosystem rather than operate as standalone businesses.
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