Uzbekistan sees surge in major business deals – Korzinka, Click, TBC and Uzum secure new investments

TBC acquisitions: OLX Uzbekistan and BILLZ

Georgia’s TBC Group entered Uzbekistan in 2020 by opening a bank and later acquiring the Payme payment system in two stages. In 2025, TBC expanded its Uzbek portfolio further by adding BILLZ and OLX Uzbekistan.

At the end of June, TBC Bank Group purchased a controlling stake in BILLZ – one of Uzbekistan’s largest SaaS platforms for retail automation.

The deal is valued at up to $12 million, with 53 percent of shares acquired in the first stage for $9 million. Over two years, the bank’s stake is expected to rise to 60 percent. This gives BILLZ an overall valuation of $20 million. The startup will continue to operate under its own brand but will become part of the TBC Uzbekistan ecosystem.

Founded in 2017, BILLZ was one of the first Uzbek startups to attract institutional investment, securing $150,000 from Sturgeon Capital in 2020. At that time, the company was valued at around $800,000. Over five years, its valuation has increased 25-fold.

TBC Uzbekistan CEO Nika Kurdiani and BILLZ co-founder and CEO Rustam Hamdamov emphasized that the deal is of strategic importance.

As the Central Bank of Uzbekistan tightens rules on microloans – limiting their share in banks’ portfolios to 25 percent – TBC, previously focused mainly on retail lending, will now be able to diversify its portfolio and strengthen its presence in the SME segment through BILLZ’s client base.

On August 21, the Georgian bank also announced the acquisition of a controlling stake in Uzbekistan’s largest online classifieds platform – OLX Uzbekistan. For this deal, TBC established a joint venture with Titan Investments, an international investment holding. All OLX Uzbekistan shares will be transferred to the joint venture, with TBC holding the controlling stake (50 percent plus one share) and Titan Investments owning the remainder.

The seller is OLX Group, part of the Netherlands-based Prosus holding. While the transaction amount was not disclosed, TBC’s official statement described it as one of the largest consolidation deals in Uzbekistan’s 30-year history.

According to company data, olx.uz ranks as the sixth most visited website in Uzbekistan, attracting 5.4 million active users per month and hosting 2.2 million active listings. The platform for goods, services, cars, and real estate covers more than 20 percent of the country’s active internet audience. OLX will continue to operate under its own brand but will later be integrated into the TBC Uzbekistan ecosystem.

Uzum reaches $1.5 billion valuation

In early August, Uzbekistan’s major digital ecosystem Uzum raised nearly $70 million from China’s IT giant Tencent and the international investment fund VR Capital.

Lead investor FinSight Ventures – which participated in the first round completed in March 2024 – also took part in the deal. As a result, Uzum’s market valuation reached approximately $1.5 billion.

The funds will be directed toward developing the ecosystem’s fintech infrastructure, expanding its product line, and improving e-commerce solutions.

For reference, the Uzum ecosystem includes Uzbekistan’s largest marketplace as well as a digital bank, installment and food delivery services, and a car sales platform.