Uzbekistan-based startup Uzum has reached a post-money valuation of approximately $1.5 billion after securing $65.5 million in a new funding round. The investment was co-led by Tencent from China and VR Capital, with additional backing from FinSight Ventures.
Founded in 2022, Uzum began as an e-commerce platform called Uzum Market. It later expanded into financial technology by launching a debit card, followed by the introduction of its food delivery service, Uzum Tezkor. The company has grown rapidly, now serving over 17 million monthly active users, which accounts for nearly half of Uzbekistan’s adult population and around two-thirds of all smartphone users in the country. It also works with more than 16,000 merchants.
In the first six months of 2025, Uzum recorded $250 million in gross merchandise value, marking a 1.5 times year-over-year growth. Its digital banking arm, Uzum Bank, introduced a co-branded Visa debit card with pre-approved credit limits in August last year. So far, 2 million cards have been issued, with expectations to exceed 5 million by the end of the year.
Uzum’s lending business has also grown significantly, reaching $200 million in financed volume in the first quarter of 2025 — a 3.4 times increase from the same period last year. In 2024, the company achieved $150 million in net income, up 50 percent from the previous year.
CEO and founder Djasur Djumaev credits this rapid growth to deep local insight and strong execution. He said the team’s understanding of Uzbekistan’s culture, consumer needs, and business environment, combined with global-level technical and operational strategies, has allowed Uzum to scale quickly and efficiently.
The company’s diverse portfolio across e-commerce, fintech, and digital banking continues to attract major international interest and solidify its position as a leader in Central Asia’s tech sector.
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