Investment of $70M led by Tencent propels Uzum to a valuation of $1.5 billion
In a significant development for the digital landscape in Uzbekistan, Uzum, a homegrown digital ecosystem, has secured $70 million in equity financing from Tencent, VR Capital, and FinSight Ventures. This funding round catapults Uzum to the status of Uzbekistan's first tech unicorn, with a post-money valuation of approximately $1.5 billion.
Uzum, founded in 2022, has rapidly scaled its integrated platform across e-commerce, fintech, and digital banking. The company's comprehensive ecosystem includes Uzum Market, the largest digital marketplace in the country, Uzum Tezkor for express delivery, and Uzum Bank, which has become the fastest-growing digital bank in Uzbekistan, issuing over 2 million Visa debit cards with embedded credit limits.
The synergy across Uzum's diverse verticals has improved unit economics, reduced delinquency, lifted customer satisfaction, and retention, reflected in a rising Net Promoter Score (NPS) and Life Time Value (LTV). Uzum's fintech services are tightly integrated with its e-commerce platform, leveraging AI for credit scoring, fraud prevention, and personalized user experience.
The new funding will empower Uzum to deepen its fintech offerings, expand leadership in digital banking and lending, and scale up financial infrastructure. The fresh capital will also be used to enhance customer engagement and financial inclusion, particularly in underserved and rural areas.
Tencent, a world-leading internet and technology company listed on the Stock Exchange of Hong Kong, is a new shareholder in Uzum. VR Capital, a global alternative asset management firm operating via its principal offices in New York and London, led the funding round. FinSight Ventures, a U.S. fund focused on AI, fintech, and super-app investments, also participated.
Alexey Garyunov of FinSight Ventures believes Uzum represents one of the most compelling fintech and e-commerce growth stories in Central Asia. VR Capital, which manages over $8 billion in assets under management, sees enormous untapped potential for Uzum to layer new services for both consumers and merchants on top of its existing platform.
Uzum's user base has rapidly expanded, new products have been launched, and monetization has been driven. With over 17 million monthly active users, serving more than half of Uzbekistan's population, Uzum is reshaping shopping, payment, and money management in the country.
The funding round is a testament to Uzum's strategic approach and innovative use of AI, as well as its potential to revolutionize the fintech and e-commerce sectors in Uzbekistan and beyond. The company is creating jobs and fostering digital financial inclusion, with over 12,000 jobs created so far. Uzum's success story is a beacon of hope for the tech industry in Uzbekistan and a model for other emerging markets.
- The new financing obtained by Uzum from Tencent, VR Capital, and FinSight Ventures will aid in scaling up financial infrastructure, allowing for deeper fintech offerings, enhanced customer engagement, and increased financial inclusion, particularly in underserved and rural areas.
- Uzum's comprehensive ecosystem, including its fintech services that leverage AI for credit scoring, fraud prevention, and personalized user experience, serves over 17 million monthly active users and represents one of the most compelling fintech and e-commerce growth stories in Central Asia.
