Uzum has attracted $70 million in investments from Tencent and VR Capital

Uzum, Uzbekistan’s leading digital ecosystem, raised approximately $70 million from Chinese IT giant Tencent and international investment fund VR Capital, with participation from FinSight Ventures—the lead investor in the first round completed in March 2024.

Uzum became Tencent’s first technology investment in an Uzbek company. The final valuation of Uzum after the funding round was approximately $1.5 billion.

Uzum already plays a key role in the country’s digital economy; today, the ecosystem’s services are used monthly by around 17 million residents of Uzbekistan. In less than three years, the company has become one of the country’s largest taxpayers. The ecosystem has not only created over 12,000 jobs nationwide 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 with Uzum.

The raised funds will be directed toward developing the ecosystem’s own FinTech infrastructure, expanding the product line, advancing digital e-commerce solutions, and strengthening Uzum’s leadership in the country’s online trading and FinTech markets.

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

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 globally—over 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, particularly 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 managed 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 fund specializing in investments in FinTech, B2B SaaS, e-commerce companies, and other segments of the technology market. FinSight Ventures invests at various stages, covering the entire lifecycle of technology company formation. FinSight focuses on the US and Indian markets, as well as investing more globally under the investment thesis of “superapps” in emerging markets.