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Uzbekistan’s first unicorn, Uzum, leaps to a $1.5B valuation
Uzum, Uzbekistan's first unicorn, has raised $65.5 million from investors including Tencent, boosting its valuation to $1.5 billion. Founded in 2022, the startup combines e-commerce and fintech, now serving over 17 million users and processing $250 million in gross merchandise value in just the first half of 2025. The firm aims to expand its product offerings and merchant base while planning a Series B funding round in 2026.
Key points
- Uzum raised $65.5 million in new funding, raising its valuation to $1.5 billion, up from $1.16 billion last year.
- The startup serves over 17 million monthly active users, accounting for nearly half of Uzbekistan's adult population.
- Uzum's revenue includes $250 million in gross merchandise value for the first half of 2025 and $150 million in net income for 2024.
- Uzum's growth is attributed to deep local market knowledge and operational expertise.
- Uzum plans to expand its fintech offerings and introduce new e-commerce services and infrastructure to support small and medium enterprises.
- The firm aims to go public in the medium term after raising a Series B round of $250-$300 million in 2026.
Why it matters
- Uzum is part of a broader trend in emerging markets, particularly in Central Asia, where startups are gaining traction in the tech ecosystem.
- The rise of digital banking and e-commerce in Uzbekistan aligns with global digitization trends, focusing on mobile and cross-border payment systems.
- Uzum's growth mirrors similar advancements in fintech within emerging markets, where local solutions meet unique regional challenges.
Uzum's impressive growth and valuation underscore the potential of Central Asian markets, demonstrating how local insights can fuel startup success and attract global investments, paving the way for future technological advancements.