Uzum, Uzbekistan's digital ecosystem, has raised $70 million from Chinese IT giant Tencent and international investment fund VR Capital, with FinSight Ventures participating as the lead investor in the first round, which was completed in March 2024.

 

Uzum became the first technology investment by Tencent, the Chinese IT giant, in a company from Uzbekistan. The final valuation of Uzum after raising funds was approximately $1.5 billion.

 

Uzum already occupies a key place in the country's digital economy, with around 17 million Uzbekistan residents using the ecosystem's services every month. In less than three years, the company has become one of the country's largest taxpayers. The ecosystem has not only created more than 12,000 jobs across the country, but also supports the growth of small and medium-sized businesses in Uzbekistan — more than 40,000 entrepreneurs across the country are developing their businesses together with Uzum.

 

The funds raised will be used to develop the ecosystem's own fintech infrastructure, expand the product line, develop digital e-commerce solutions, and strengthen Uzum's leadership in the country's online commerce and fintech market.

 

"Uzum is a unique combination of a proven business model and the advantages of being a pioneer in a developing market. We highly value the calibre of the team and the significant progress the company has already achieved. We are honoured to support the further development of the Uzum ecosystem through our investment," commented Richard Deitz, founder and president of VR Capital.

"We believe that Uzum is one of the most remarkable growth stories in fintech and e-commerce in Central Asia. Since our initial investment round last year, the company has achieved impressive results: it has rapidly expanded its user base and launched new products. The synergy between different business lines has not only improved unit economics but also increased customer satisfaction and loyalty, as reflected in the growth of NPS and LTV. We have seen similar dynamics in other breakthrough super apps around the world, and it only strengthens Uzum's leadership position in Uzbekistan's digital economy," notes Alexey Garyunov, Managing Partner at FinSight Ventures. "We see enormous potential for launching new services — both for users and for businesses — based on the existing Uzum platform. That is why we are pleased to strengthen our support in this investment round and continue to accompany Uzum on its path to scaling up."

"In just two years, we have built the largest digital ecosystem in Uzbekistan. We are transforming the user experience — from shopping and payments to personal finance management. These investments will help us develop new financial products and improve infrastructure. Our fintech division is growing rapidly — Uzum Bank cards are already used by more than 2 million residents of the Republic. Uzum Market remains the largest online marketplace in Uzbekistan with a wide geography of order delivery points and an extensive product range. The Uzum Tezkor delivery service is available in 25 cities. The turnover of the entire Uzum e-commerce segment in the first half of the year increased 1.5 times year-on-year,‘ said Jasur Jumayev, founder and CEO of Uzum. "We are not only making convenient digital services available to millions of people, but also stimulating the creation of new jobs. The development of our ecosystem directly contributes to the growth of entrepreneurs by opening up new opportunities for them, while providing users with convenient and cost-effective solutions for everyday tasks."

 

Uzum is an Uzbek digital ecosystem that combines fintech, e-commerce, and banking services for individuals and small and medium-sized businesses: a marketplace, express delivery service, traditional and digital banks, BNPL service, car purchasing platform, and an app for entrepreneurs. More than 17 million Uzbekistan residents use Uzum services every month.

 

Tencent Holdings Ltd. is one of the world's largest technology and investment conglomerates, headquartered in Shenzhen, China. The company manages one of the most extensive investment portfolios in the world, with more than 800 companies, including Epic Games, Riot Games, Spotify, Tesla, Nubank, Pinduoduo, Meituan, Reddit, and others. Tencent actively invests in fintech, e-commerce, digital content, and cloud services, especially in countries with rapidly growing digital economies.

 

VR Capital is an international investment fund with over $8 billion in assets under management. Since 1999, the company has been managing external capital from institutional investors, focusing on investments in emerging markets. VR Capital's main offices are located in New York and London.

 

FinSight Ventures is a venture capital fund specialising in investments in FinTech, B2B SaaS, e-commerce companies and other segments of the technology market. FinSight Ventures invests at various stages (from seed to late stage), covering the entire cycle of technology company formation. FinSight focuses on the US and Indian markets, and also invests more globally in the ‘super app’ investment thesis in emerging markets. Today, FinSight manages over $500 million in assets and has returned over $600 million in capital to investors since its founding in 2004. One of the fund's largest deals was its investment in Bumble, which was acquired by Blackstone in 2019 for $3 billion. Finsight VC was the company's sole financial investor, supporting it from its earliest stages.