Uzbekistan’s tech sector is thriving, and Uzum stands at the forefront of this transformation. Launched in 2022, Uzum has doubled its size within two years and is on track to double it again by 2025. Having raised over $100 million earlier this year, the company achieved a valuation exceeding $1 billion, making it Uzbekistan’s first unicorn. Now, it is preparing for a Series B funding round next spring to fuel further growth and pave the way for a future IPO.
Nikolay Seleznev, Uzum’s Chief Strategy and Business Development Officer, has been with the company from its inception. With a background in global investment banking and industry, he is spearheading the company’s fundraising and strategy development. The company’s founder, Djasur Djumaev, who had previously established several successful online and telecom ventures in CIS, Africa, and Latin America, returned to Uzbekistan to build Uzum.
“We started from scratch in January 2022. I remember sitting around a table, drawing up the entire business plan on a whiteboard. Two years later, most of those plans have been realized,” Seleznev shared.
E-commerce and Fintech Powerhouse
Uzum operates in two main areas: e-commerce and fintech. Uzum Market, its next-day delivery e-commerce platform, has become a national leader, while its fintech arm offers daily banking services, installment credit options, and SME-focused solutions. Uzum’s neobank and associated services have rapidly gained traction, with more than 600,000 debit cards issued by the end of 2023. These cards include a built-in credit limit, making them functionally similar to credit cards.
In Uzbekistan, where banking was underdeveloped until recently, Uzum is reshaping financial habits. By the end of 2023, the number of debit cards issued exceeded the country’s population, a remarkable transformation from late 2021, when half the population lacked bank accounts.
Building Infrastructure from the Ground Up
Unlike Kazakhstan, where e-commerce benefits from established logistics systems, Uzum had to create its infrastructure from scratch. This included warehouses, pick-up points, and a delivery network to provide next-day service nationwide. “While this made e-commerce more asset-heavy in Uzbekistan, it gave us a significant competitive advantage.” Seleznev explained.
Today, Uzum reaches all cities and towns with populations of 10,000 or more, a key factor in its success. The marketplace offers over 1 million SKUs, compared to just 100,000 in traditional bazaars, making it a one-stop shop for diverse consumer needs.
Future Funding and IPO Ambitions
After raising $100 million in Series A funding in March 2023, Uzum achieved a $1.2 billion valuation. Now, it plans to raise up to $300 million in Series B funding in mid-2025. This new round will enable the company to accelerate growth further as it works toward an IPO. Uzum is considering listing in the UAE and on Nasdaq in the U.S., leveraging its position as a regional leader in tech and e-commerce.
“We aim to double our revenue again in 2024 and beyond, as Uzbekistan’s rising middle class and consistent 6% GDP growth provide a strong foundation for our expansion,” Seleznev stated.
By combining global models like Amazon and Revolut with localized solutions, Uzum has leapfrogged traditional retail, transitioning directly from bazaars to e-commerce. With strong infrastructure and a customer-centric approach, the company is well-positioned for sustained growth in one of Central Asia’s most dynamic markets.
