Uzbekistan's got its first unicorn, Uzum, and it's worth a cool $1.5B!

In a world where East and West seem to be growing further apart, Uzbekistan is standing out as a unique middle ground. The Central Asian nation’s very own unicorn, Uzum, just secured a whopping $65.5 million in funding from big players like China’s Tencent and VR Capital from New York and London. This round of funding has pushed Uzum’s valuation to around $1.5 billion, marking a significant increase from its unicorn status of $1.16 billion last year.

Started in 2022, Uzum began its journey in Uzbekistan with an e-commerce platform called Uzum Market. After its success, the startup ventured into fintech with a debit card and later expanded into express food delivery with Uzum Tezkor. With over 17 million monthly active users, Uzum has captured the attention of nearly half of Uzbekistan’s adult population and two-thirds of all smartphone users in the country.

The Secret Sauce: Local Knowledge and Global Expertise

How did Uzum manage to skyrocket in just three years? Founder and CEO Djasur Djumaev credits the success to a blend of deep local knowledge and disciplined execution. By understanding the country’s culture, consumer behavior, and business landscape while leveraging global technical and operational expertise, Uzum has built a business that can rapidly scale and sustain itself.

Building From the Ground Up

Uzum built its digital and physical infrastructure from scratch to establish its presence in Uzbekistan. The startup boasts a logistics capacity of 112,000 square meters and over 1,500 pickup points across the country, enabling next-day deliveries and card distribution. Djumaev emphasizes the importance of local expertise and infrastructure in frontier markets, giving them a competitive edge in rapid business growth.

Looking Ahead

With plans to introduce new fintech products, expand merchant base, and enhance e-commerce offerings, Uzum is gearing up for further growth. The startup aims to tap into international markets, starting with merchants from China and Turkey. By integrating AI technology across various aspects of their business, Uzum is focused on enhancing customer experiences and scaling its financial infrastructure.

Stay tuned as Uzum continues to make waves in the tech and business world with its innovative approach and rapid growth trajectory.
Uzum, like many successful businesses, is looking to go public in the future. However, before that, they are focused on raising a Series B round of $250–$300 million by mid-2026. So far, the startup has already secured $137 million in equity funding, setting the stage for their next big move.