Uzum lands $114m in mix of equity and debt financing, becomes Uzbekistan’s first tech unicorn

Uzbekistan-based tech firm Uzum has secured $114 million in a combination of Series A equity funding and debt financing.
The funding round elevates Uzum to unicorn status, indicating a valuation of over $1 billion.
Uzum, headquartered in Tashkent, has developed a digital services ecosystem encompassing e-commerce, express delivery, banking and fintech, an automotive marketplace, and business development.
The company offers two main apps: Uzum for the general public and Uzum Business for legal enterprises, catering to over 10 million monthly average users by the end of 2023.
The $52 million equity portion of the funding comes from a Series A round led by FinSight Ventures, with participation from Xanara Investment Management and Uzum’s senior management team.
Uzum plans to use the funding to enhance Uzbekistan’s IT and logistics infrastructure and expand its offerings, including its buy now, pay later (BNPL) service.
Additionally, the company has raised $62 million in debt financing to support its BNPL service.
Uzum aims to raise around $200 million in a proposed Series B round in 2024 from investors in the UK, US, and the Middle East.
The company plans to launch new products into its ecosystem, including a lending offering for SMEs and individuals.
Uzum’s Series A funding reflects a trend of global companies raising significant capital this year, alongside other notable raises such as Tameed, ModernFi, and Yuno.