Finance
Tencent-backed Uzbek start-up Uzum considers London listing
Published by Global Banking & Finance Review®
Posted on October 16, 2025
2 min readLast updated: January 21, 2026
Quick Summary
Uzum, Uzbekistan's leading fintech unicorn, is considering a London IPO, backed by Tencent, with a valuation of $1.5 billion.
Tencent-backed Uzbek start-up Uzum considers London listing
By Robert Harvey and Felix Light
LONDON (Reuters) -Tencent-backed fintech and e-commerce provider Uzum, Uzbekistan's most valuable start-up, has added London to its list of possible locations for a stockmarket listing, co-founder Nikolay Seleznev told Reuters.
Uzum, which secured $70 million in equity financing led by China's Tencent and U.S. firm VR Capital in August, is valued at $1.5 billion. That makes it the first "unicorn" start-up in Uzbekistan, which with around 37 million people is now the second most populous former Soviet state after Russia.
In addition to the London option, which has not previously been reported, the bank is considering New York's Nasdaq, Abu Dhabi - where it already has a presence - and Hong Kong, where following Tencent's investment it is now receiving a lot of interest, Seleznev said in an interview in London.
He said it was too early to comment on a target price for its initial public offering (IPO), planned for 2027, but said: "If we were to list on the London Stock Exchange, we would definitely be considering the FTSE 100."
Uzum also received investor interest from the Middle East and Britain in its latest funding round, Seleznev said. He added that his conversations with investors had been about the potential of Uzbekistan, not only about Uzum.
The Central Asian state has embarked on a programme of economic reforms under President Shavkat Mirziyoyev, who took power in 2016. It has attracted significant foreign investment, even as politics remains tightly controlled.
Seleznev said considerations about liquidity and the available investor base, which affect stock price valuations, had made Uzum look beyond the "ideal" location of Tashkent, the Uzbek capital, for an IPO.
Uzum has had a meteoric rise in Uzbekistan since its founding in 2022. It says 17 million Uzbek residents use its services every month.
"I'm against doing geographical expansion too fast. We want to properly win and dominate the home market, to demonstrate to potential partners that we're capable of building a system that would outperform not only here, but somewhere else," Seleznev said.
(Editing by Mark Trevelyan)
Key Takeaways
- •Uzum, backed by Tencent, considers London for IPO.
- •Uzum is Uzbekistan's first unicorn, valued at $1.5 billion.
- •Potential IPO locations include London, New York, Abu Dhabi, and Hong Kong.
- •Uzum's IPO is planned for 2027.
- •Uzum focuses on dominating the Uzbek market before expanding.
Frequently Asked Questions about Tencent-backed Uzbek start-up Uzum considers London listing
1What is equity financing?
Equity financing is the process of raising capital by selling shares of a company. This allows investors to gain ownership stakes in the business in exchange for their investment.
2What is a unicorn start-up?
A unicorn start-up is a privately held company valued at over $1 billion. This term highlights the rarity of such successful ventures in the business landscape.
3What is an initial public offering (IPO)?
An initial public offering (IPO) is the process through which a private company offers its shares to the public for the first time, allowing it to raise capital from public investors.
4What is venture capital?
Venture capital is a type of private equity financing provided by investors to start-ups and small businesses with long-term growth potential. It typically involves high risk but can yield high returns.
5What is the London Stock Exchange?
The London Stock Exchange is one of the largest stock exchanges in the world, where shares of publicly traded companies are bought and sold. It serves as a platform for companies to raise capital.
