Uzum, Uzbekistan’s first unicorn, has reportedly begun assessing several international stock exchanges, including London, for a potential listing in 2027. The company, backed by Tencent and VR Capital, is exploring multiple international exchanges, including Nasdaq, Abu Dhabi, and Hong Kong. Founded in 2022, Uzum has become Uzbekistan’s most valuable startup with a valuation of USD 1.5 billion following a USD 70 million equity round in August, led by Tencent and US-based VR Capital. The funding also drew investors from the Middle East and the UK, highlighting growing foreign interest in Uzbekistan’s emerging digital economy.
Uzbekistan’s growing investment appeal
Uzum’s management indicated that while Tashkent remains symbolically significant, liquidity and investor accessibility are likely to determine the choice of exchange. Company officials noted that the London Stock Exchange could provide access to institutional investors and potential inclusion in major indices such as the FTSE 100. However, no target valuation or share price has yet been disclosed.
Representatives from Uzum said discussions with investors have focused on the country’s wider economic outlook as much as the firm itself. Uzbekistan has pursued a gradual reform agenda, aiming to open the economy to foreign capital while maintaining central political control. This has contributed to a rise in external investment interest across sectors, including finance and technology.
The startup has rapidly expanded within Uzbekistan, claiming to serve around 17 million users monthly through its financial and ecommerce platforms. Company officials emphasised that its priority is to consolidate its domestic position before attempting to scale internationally, suggesting that any future regional expansion will depend on the company’s performance in its home market.
