Tencent-Backed Uzbek E-Commerce Unicorn Uzum Plans Pre-IPO Round
- ByStartupStory | November 5, 2025
Tencent-Backed Uzbek E-Commerce Unicorn Uzum Plans Pre-IPO Round
Uzum, Uzbekistan’s first tech unicorn backed by Tencent and U.S. investment firm VR Capital, is preparing for a pre-initial public offering (IPO) funding round expected in 2026 as part of its plans for a public listing in 2027. The company is exploring multiple international stock exchanges for the IPO, including Hong Kong, London, Abu Dhabi, and Nasdaq in the United States.
Founded in 2022, Uzum has rapidly grown to become Uzbekistan’s largest startup, providing e-commerce, fintech, and banking services to individuals and small and medium-sized businesses. The platform boasts approximately 17 million monthly active users in a country with around 37 million people.
Tencent’s investment in August 2025, which valued Uzum at $1.5 billion, significantly bolstered its expansion plans and opened the door for Tencent’s larger presence in Central Asia’s digital economy. The company aims to solidify its domestic market leadership before expanding internationally, emphasizing measured geographic growth to ensure operational efficiency and sustainable scaling.
Uzum’s co-founder Nikolay Seleznev highlighted that while the preferred IPO venue remains undecided, the company is considering listing on the London Stock Exchange with an ambition to join the FTSE 100 index. This move reflects investor interest from the Middle East and the U.K., attracted by Uzbekistan’s growing information technology and fintech market potential.
Additionally, Uzum plans to access international bond markets with a possible $300 million debut bond sale anticipated as early as the first half of 2026 to diversify funding sources for its growth initiatives.
Overall, Uzum’s pre-IPO preparations underline its ambitions to transition from a regional e-commerce powerhouse to a significant player in global capital markets, leveraging strategic investments and a strong footprint in Central Asia’s emerging digital ecosystem.
Follow Startup Story
Related Posts
