Uzbekistan-based unicorn Uzum has been considering ways to raise funds as soon as next year as local firms look to international markets for capital.
The Tencent Holdings Ltd-backed company prepares for a potential IPO in 2027, with Hong Kong, Abu Dhabi and Nasdaq as potential venues. The firm is also seeking to tap international bond markets with a USD 300 million debut sale as soon as H1 2026.
More about Uzum
Uzum raised money at a USD 1.5 billion valuation last month, reflecting the political and economic changes faced by Uzbekistan in recent years. The company tapped into the country’s young population, as more than half of its 38 million citizens are under 30, to offer services from digital banking to food delivery.
Uzum sold bonds in Tashkent for funds, but the local market cannot meet its demand for capital. The volumes of the Tashkent Stock Exchange do not match the company’s goals, so it is looking into other sources of income for now.
Uzum was founded in 2022, growing to serve 17 million individuals. It is registered in Abu Dhabi, as the jurisdiction was more familiar and convenient. It is also close to the region’s sovereign wealth funds, which are expected to take part in future fundraising deals.
In its latest funding round, co-led by China’s Tencent and the New York- and London-based VR Capital, with participation from US-based FinSight Capital, the company raised USD 65 million. The funds will enable the company to launch a deposit product in September 2025, as well as a long-term credit facility for its B2C customers. Additionally, it plans to grow its merchant base and support its existing merchants by offering a QR code payment processing system, expanding its Visa debit card programme, and creating new solutions for SMEs in Uzbekistan.
