In a historic milestone for Uzbekistan’s tech ecosystem, Uzum, a digital platform offering banking services and e-commerce, has achieved unicorn status with a valuation of $1.5 billion.
The startup secured $65 million in its latest funding round from prominent global investors, including UK-based VR Capital, US-based FinSight Capital, and Chinese conglomerate Tencent. This achievement marks Uzum as the first startup in Uzbekistan’s history to reach a billion-dollar valuation.
Founded in 2022 by Jasur Djumaev, the entrepreneur behind the deal platform KupiKupon, Uzum — meaning “grape” in Uzbek—has rapidly grown into a digital powerhouse. The startup’s advisory board includes Boris Dobrodeev, former CEO of VK, Russia’s leading social media and tech company, whose expertise has helped shape Uzum’s ambitious vision.
Uzum’s digital ecosystem integrates financial services and e-commerce, catering to Uzbekistan’s increasingly connected population.
The platform boasts an impressive 17 million monthly active users (MAU), representing roughly half of the country’s population.
With its app installed on approximately 60% of smartphones in Uzbekistan, Uzum has become a ubiquitous presence, earning the playful moniker of a nation “running on grapes.”
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The $65 million funding round underscores global investor confidence in Uzbekistan’s burgeoning tech scene and Uzum’s potential to dominate the region’s digital economy. As the company continues to expand its services and user base, it is poised to redefine how Uzbeks engage with financial and e-commerce platforms, solidifying its role as a trailblazer in Central Asia’s startup landscape.
