Uzbekistan’s leading fintech and e-commerce startup, Uzum, is gearing up to enter international financial markets and attract new investments. Backed by Tencent Holdings Ltd., the company plans to issue its debut international bonds worth $300 million in the first half of 2026. An IPO is also on the horizon, expected in 2027.
Global ambitions
According to co-founder Nikolay Seleznev, Uzum is considering three major venues for its initial public offering — Hong Kong, Abu Dhabi, and Nasdaq. Alongside this, the company is preparing to diversify its funding sources through international bond sales.
Seleznev noted that while Uzum recently issued bonds on the Tashkent Stock Exchange, the domestic market is still too small to meet its financing needs:
“The volumes on the Tashkent Stock Exchange do not yet match the country’s ambitions. That is why we are also looking at other sources for the time being,” he said.
$1.5 Billion valuation and rapid growth
In August, Uzum reached a valuation of $1.5 billion following an investment round led by Tencent, becoming Uzbekistan’s first fintech “unicorn”.
Founded in 2022 by Djasur Djumaev, Seleznev, and their partners, the company has rapidly grown into a platform serving over 17 million users. Its ecosystem spans digital banking, e-commerce, food delivery, and more.
A symbol of Uzbekistan’s economic reforms
The company’s swift rise reflects the broader economic and political changes that have reshaped Uzbekistan since the death of longtime authoritarian leader Islam Karimov in 2016.
With over half of the country’s 38 million people under the age of 30, the young, tech-savvy population has fueled demand for digital services, giving Uzum a unique advantage in scaling quickly.
Strategic base and future plans
Uzum is legally registered in Abu Dhabi, which co-founder Djumaev describes as a convenient jurisdiction, offering proximity to the region’s sovereign wealth funds. He expects these funds to play a key role in future fundraising rounds.
Uzum is fast becoming a symbol of Uzbekistan’s growing digital economy, both technologically and strategically. Its plans for an international IPO and bond issuance could attract significant global attention to the country’s startup ecosystem. If successful, Uzbekistan will mark a milestone — participating in global capital markets with its very first unicorn startup.
