Uzbekistan-based super-app Uzum is planning a USD 250-300 million funding round ahead of a potential IPO targeted for 2027.
Uzbekistan-based Uzum, a digital ecosystem combining e-commerce, logistics, digital banking, and lending, is planning to raise between USD 250 million and USD 300 million in a pre-IPO funding round, with a public listing targeted as early as 2027. The company is reportedly considering listing venues including Hong Kong, London, Abu Dhabi, and Nasdaq. The timing for the pre-IPO round is targeted for the second half of 2026 or early 2027.
Founded in 2022, Uzum reached a valuation of USD 2.3 billion in March 2026, a 53% increase from USD 1.5 billion in August 2025. Its March 2026 funding round raised USD 131.5 million, attracting participation from Oman's sovereign wealth funds, Tencent, VR Capital, and FinSight Ventures. Total funding raised to date exceeds USD 250 million, meaning the planned pre-IPO round would approximately double that lifetime total.
Financial performance and market penetration
Uzum's 2025 financials reflect substantial scale for a company founded three years prior. The platform processed USD 11 billion in payment volume, generated approximately USD 691 million in revenue, and reported net income of USD 176 million, with fintech operations driving the majority of profitability. The company reports 20 million monthly active users - equivalent to more than half of Uzbekistan's total population of approximately 36 million.
In 2025, Uzum issued 4.1 million debit cards, representing approximately half of all debit cards issued in Uzbekistan during the year. The concentration of card issuance within a single platform reflects the degree to which Uzum has become the primary vehicle for consumer-facing digital finance in the country.
Regional context and IPO positioning
The planned pre-IPO raise serves a dual purpose: funding continued expansion and establishing a valuation benchmark ahead of the public offering. A successful raise at USD 3 billion or above would create a pricing reference point for the eventual listing.
Uzum's trajectory reflects broader digitalisation across Central Asia, where informal trade networks and cash-heavy economies are transitioning toward regulated digital platforms. Uzbekistan has been actively promoting economic modernisation, and Uzum has positioned itself as the dominant consumer digital platform in the country.
The primary risk identified is single-country concentration. Uzum's commercial and financial performance is closely tied to Uzbekistan's economic stability, regulatory environment, and government policy towards foreign-backed technology companies.
