DLA Piper advises Uzum on USD131.5 million investment led by Oman's sovereign wealth funds

DLA Piper has supported Uzum, Uzbekistan's leading digital ecosystem, on securing a USD131.5 million investment round anchored by sovereign wealth entities of the Sultanate of Oman, with participation from existing investors Tencent, VR Capital, and FinSight Ventures.

The transaction values Uzum at USD2.3 billion, representing a 53% increase in valuation compared to seven months ago. The milestone comes as Uzbekistan continues to emerge as one of the region’s fastest-growing digital economies. The new capital will support Uzum's next phase of growth across its core verticals, including e-commerce, digital banking, payments, and consumer lending. The start-up plans to use the funding to deepen its product offering, strengthen infrastructure and expand access to its digital services worldwide.

Uzum became the country's first unicorn in March 2024 and operates a rapidly expanding ecosystem of digital platforms, including Uzum Market, Uzum Tezkor, Uzum Bank and Uzum Nasiya. Its services are used by over 20 million people, representing more than half of Uzbekistan's population.

DLA Piper has represented Uzum on all of its fundraising transactions since the company's inception. The latest round combines primary equity and structured capital, with conversion terms linked to the company's next funding round.

The transaction was led by a Corporate team from DLA Piper's Dubai office led by partner Leo Batalov, Global Co-Head of Emerging Growth Companies and Venture Capital. He was supported by legal director Georgy Vinogradov, and senior associate Vadim Iskhakov.

Leo Batalov, partner, commented: “This transaction reflects the continued momentum of digital ecosystems across Central Asia and establishes an important valuation benchmark for the region. The participation from renowned sovereign entities provides long-term stability and strategic support for Uzum's continued growth."