As Uzum secures $114 million in debt and equity funding, it becomes the first tech unicorn in Uzbekistan.

Uzum, a digital startup located in Uzbekistan, has achieved unicorn status after securing $114 million in Series A equity fundraising and debt financing.

Travon Stracke

March 28, 2024

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The company, which has its main office in Tashkent, has created an ecosystem of digital services that includes e-commerce, rapid delivery, banking and fintech, an automobile marketplace, and business development.

Uzum provides the Uzbek market with two applications: Uzum Business for legitimate businesses and Uzum for the general public. According to the company, by the end of 2023, its ecosystem would have over 10 million average monthly users and generated a roughly $100 million profit.

Through a Series A round led by California-based venture capital company FinSight Ventures, it has now raised $52 million in equity. The top management group of Uzum as well as Xanara Investment Management were present.

Uzum plans to use the additional funding to grow its product line and improve Uzbekistan's logistics and IT infrastructure.

In order to finance its buy now, pay later (BNPL) business, it has also obtained an extra $62 million in debt financing.

With a projected $200 million Series B financing from investors in the US, UK, and Middle East, 2024 may be a busy year for the business. In addition, the business plans to introduce a number of additional goods into its ecosystem, such as a loan program for people and SMEs.

Uzum is the latest in a long line of international businesses to successfully finish a Series A round this year. Other notable examples include the $15 million raised by Saudi start-up Tameed, the $18.7 million won by ModernFi, and the $25 million won by Colombian payments platform Yuno.