Uzbekistan’s Uzum valuation jumps 50% in seven months to $2.3B

Uzbekistan fintech Grapes has reached a value of $2.3 billion – about 53% more than seven months ago – as investors place bets on the growth of the country’s developing digital economy.

The valuation comes from a $131.5 million round of funding led by independent investors from Oman, with participation from previous investors including Tencent, VR Capital, and FinSight Ventures. This round has $ 81.5 million in capital and $ 50 million in flexible funds that are related to the next phase of Uzum’s financing, since the startup wants to raise IPO 250 million to $ 300 million in the second half of 2026 or at the beginning of 2027.

In August, Uzum raised $65.5 million at a cost of $1.5B. It had evolved the world’s first unicorn (starting at a cost of more than one billion) in March 2024.

The new investment comes as Uzbekistan, the most populous country in Central Asia, is emerging one of the fastest growing digital economies in the regiondriven by the youth population, rapid adoption of mobile phones, and a slight decline in online shopping and banking services.

Founded in 2022, Uzum has quickly grown to become Uzbekistan’s “digital giant”, as it describes its business, including e-commerce, payments, and consumer lending.

Creating a digital environment for Uzbekistan

Uzum started with an e-commerce market, Uzum Market, and expanded into financial services through a digital bank, Uzum Bank, and a consumer lending platform, Uzum Nasiya. The startup also operates a fast-food delivery service, Uzum Tezkor, as part of a strategy to integrate commerce, payments, and banking.

During its previous investment in August 2025, Uzum report over 17 million monthly users on its platform. Today, the ecosystem reaches about 20 million users – more than half of the adult population of Uzbekistan. Its marketplace connects more than 17,000 local merchants, and worldwide services are projected to reach $11 billion in payments in 2025. The number of annual users will increase to approximately 4.6 million in 2025 from approximately 3 million last year.

Chief Executive Officer Djasur Djumaev said that Uzbekistan’s trade can change unlike many other markets, e-commerce is playing a big role in this change.

“In the past, we said that e-commerce is something that will turn into a business,” Djumaev told TechCrunch. “It will leapfrog the traditional retail sector in the country, from markets and informal retail to digital retail.”

Fintech to drive profit

Economic growth in Uzum has grown along with the growth of the environment. The startup projected $691 million in revenue in 2025, up from $505 million a year earlier, while total revenue rose to $176 million from $150 million. Its e-commerce platform generated $500 million in revenue and achieved an EBITDA profit after three years of operation, the company says.

Nikolay Seleznev, head of strategy and business development at Uzum, said that fintech startups remain the main source of profit for the ecosystem.

Uzum digital bank currently serves about 5 million customers and issued 4.1 million credit cards in 2025, which accounts for half of all cards issued in Uzbekistan that year. The book of unsecured loans has reached $ 400 million, while the total amount of money – the amount of loans issued through its platform – reached $ 1.2 billion in 2025. In addition, the startup expects to add another 5 million banking customers in the coming year as it expands lending and payment services.

Uzum has been expanding its market beyond domestic retailers by introducing cross-border sales, allowing Uzbek consumers to order products from international merchants. The founders said the project added about 200 million stock-keeping units (SKU) from markets including Turkey and China. Along with global inventory, the platform works with local vendors that offer nearly 1.5 million products that can be delivered next day.

To support this growth, Uzum has been investing heavily in infrastructure and infrastructure in Uzbekistan. The startup operates around 1,500 locations across the country and plans to expand its network to around 3,000 locations by 2026. Further, the startup operates around 125,000 square meters of warehouse space today and plans to expand to around 500,000 square meters using four manufacturing facilities, which are part of the infrastructure.

Seleznev told TechCrunch that building infrastructure is key to expanding e-commerce in Uzbekistan, where third-party providers remain few and far between.

“You have to invest in infrastructure yourself to deliver and change what customers expect,” he said.

Uzum plans to use the new funding to expand its fintech infrastructure and expand its business and financial services offerings. The startup plans to invest in additional ATMs, payment infrastructure, and retail solutions as it works to build an integrated digital banking platform.

Seleznev said that Uzum intends to go public in the next few years, possibly within three years, although the exact time has not been determined. The startup has been looking at a number of potential locations, including exchanges in the US, Europe, the Middle East, and Southeast Asia, where it is establishing itself as a global investor.

Uzum currently employs approximately 12,500 people as it continues to expand its business, fintech and logistics operations in Uzbekistan.