Kazakhstan emerges as tech powerhouse with 18x growth since 2019

In just six years, Kazakhstan has evolved from a resource-driven economy to become one of the world’s fastest-growing tech hubs, now worth $26 billion – an eighteen-fold increase since 2019. Over the same period, tech sectors globally have grown 2.6 times. Driven by the rise of companies including Kaspi and Freedom Holding Corp – the country’s most successful, billion-dollar unicorns – the Kazakhstan’s startup-to-unicorn rate now sits at 2.9%, putting it comfortably ahead of growth levels across the world’s tech leaders Israel (2.3%), China (2.0%) and the US (1.3%), writes Colin Stevens.

Payments, marketplace and fintech platform Kaspi recently surpassed the $10 billion valuation milestone, while Freedom Holding Corp has been one of the best-performing tech stocks in the world, up 775% since 2019 and outperforming tech giants like Meta, Apple, Amazon, Microsoft and Google. Freedom generated revenues of $1.6 billion in 2024, while Kaspi generated $5 billion in 2024. Another metric of success for Kazakhstan’s emerging ecosystem is the percentage of funded companies with $100M or more revenues.

In Kazakhstan 2.8% of companies are achieving this annual revenue rate, compared with rates in Sweden (1.05%), Israel (1.0%) and Germany (0.81%). Government backing for tech and AI Kazakhstan’s unprecedented growth comes from betting big on tech and AI, with buy-in at the highest political level. A new International AI Center – alem.ai – is set to open this year at the sphere Nur Alem, providing a hub for AI research, innovation, and global collaboration. The centre aims to attract top-tier talent, foster breakthrough developments, and position Kazakhstan as a leader in AI-driven solutions.

This follows work by the Ministry of Digital Development, Innovations, and Aerospace Industry, which has led in initiatives like an e-Government portal and e-Licensing, vastly speeding up the process of starting a business. The Autonomous Cluster Fund "Innovative Technologies Park" (Astana Hub) has also introduced a special economic zone for IT companies, along with eight accelerator programmes. In a collaboration between The Ministry of Digital Development, Innovations, and Aerospace Industry and Astana Hub, a $1 billion Fund-of-Funds was announced at the end of 2024.

Launching this year, the fund will target $1 billion in private investment in the medium term. As Kazakhstan rapidly transforms from a resource-driven economy to a technology powerhouse, its trajectory offers a compelling case study of how emerging markets can leapfrog traditional development paths through strategic tech investment and national leadership.

Arsen Tomsky, founder and CEO of InDrive, said: “When we started inDrive, we focused on inefficiencies and injustices in mobility for people in emerging markets—areas that were often overlooked by global players. Today, we see Kazakhstan’s startup ecosystem growing 18x since 2019, driven by the incredible energy of local founders, a high-quality education system, and effective support from government initiatives like Astana Hub. This incredible growth validates our belief that innovation knows no borders. The key is to build with purpose, leverage cutting-edge technology and expertise, and think globally from day one while staying true to your local roots.”

Zhaslan Madiyev, minister of digital development, said: “Kazakhstan is committed to fostering a dynamic and innovative tech ecosystem. Our ambition is to position Kazakhstan as a leading hub for technological advancement in the region. The government actively supports founders through initiatives provided by Astana Hub, which offers tax incentives, mentorship programs, and access to international markets. Collaborations with global platforms like Dealroom.co further enhance our startups' visibility, attracting international investments and facilitating growth. We believe that with sustained support and strategic partnerships, Kazakhstan's emerging tech sector will continue to thrive and make significant contributions to the global technology landscape.”

About Dealroom
Dealroom.co is the global intelligence platform for discovering and tracking the most promising companies, technologies and startup ecosystems. Dealroom is a trusted source of innovation data and predictive analytics, used by leading venture capitalists, corporates and governments, to discover the world’s most promising companies. About Astana Hub Astana Hub is Kazakhstan's leading international digital hub, fostering innovation and accelerating the growth of the country's $26 billion tech ecosystem. Through comprehensive infrastructure, tax preferences, and support programs, Astana Hub enables startups, technology companies, and investors to build Kazakhstan's digital future.

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