What's Happening?
Uzum, Uzbekistan's first unicorn startup, has raised $65.5 million in a funding round co-led by Tencent and VR Capital, with participation from FinSight Ventures. This investment boosts Uzum's valuation to $1.5 billion, marking a significant increase from its previous valuation of $1.16 billion. Founded in 2022, Uzum operates an e-commerce marketplace, fintech services, and express food delivery. The startup has rapidly grown, boasting over 17 million monthly active users and 16,000 merchants. Uzum's fintech arm, Uzum Bank, has issued 2 million Visa debit cards and plans to expand its offerings. The company aims to introduce new products and expand its e-commerce marketplace internationally.
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Why It's Important?
Uzum's growth and valuation highlight the potential of emerging markets like Uzbekistan in attracting significant investment from global players. The startup's success demonstrates the viability of combining local expertise with international investment to scale rapidly. Uzum's expansion into fintech and e-commerce could influence similar startups in Central Asia, encouraging innovation and investment in the region. The involvement of major investors like Tencent underscores the strategic importance of Uzbekistan as a market for tech and financial services.
What's Next?
Uzum plans to expand its fintech offerings with new deposit products and credit facilities. The company is also preparing to open its e-commerce platform to international merchants, starting with China and Turkey. Uzum aims to raise a Series B round of $250-300 million in 2026, with long-term plans to go public. The startup's continued growth and expansion could attract more international investors and partnerships, further boosting Uzbekistan's tech ecosystem.
