Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan’s digital ecosystem Uzum has secured US$70 million in investments, becoming the country’s first IT company to attract funding from Chinese tech giant Tencent and the international investment fund VR Capital. The round also included participation from FinSight Ventures.

According to the company, following the investment, Uzum’s valuation reached approximately US$1.5 billion.

The funds will be directed toward developing its own fintech infrastructure, expanding its product portfolio, introducing advanced digital e‑commerce solutions, and improving services for entrepreneurs and millions of private users.

The company emphasized that half of the country’s population uses Uzum products every month and that the ecosystem continues to grow rapidly.

“We are pleased that leading global IT companies and funds are supporting the development of our national digital ecosystem and recognizing the enormous potential of our country,” Uzum stated.