Investment of $50 Million Secured in Round Headed by Jadwa for PetroApp
In a significant move towards digital mobility transformation, PetroApp, Saudi Arabia's leading fuel management platform, has secured a $50 million investment led by Jadwa Investment. The investment, also backed by Bunat Ventures, will propel PetroApp's expansion strategy, focusing on retail market launch, technology advancements, international growth, and potential future IPO.
With over 500,000 vehicles managed for more than 10,000 corporate clients, PetroApp is poised to scale its core offerings of cashless fuel payments and fleet management solutions. These services, already available at over 5,000 fuel stations across Saudi Arabia, Egypt, Thailand, and Nigeria, aim to eliminate cash transactions, reduce fraud, and enhance cost control for corporate and government fleets.
Beyond fuel payments, PetroApp offers a seamless digital interface for value-added vehicle services such as car washes, oil changes, and tire and battery replacements. The investment will help PetroApp broaden these services and penetrate new markets, aiming for regional growth and potentially preparing for a future IPO.
"This investment marks a defining milestone in PetroApp's institutional journey and supports its ambition to list on the Saudi Exchange's Main Market," said Abdullah Al Kasabi, Chairman of PetroApp and CEO of RZM Investment.
Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment, expressed his excitement about the partnership, stating, "PetroApp presents a compelling investment opportunity." Jadwa's conviction in PetroApp's vision and strong potential to deliver sustainable growth drove the investment.
The partnership aligns with PetroApp's commitment to setting new benchmarks in fuel and fleet management innovation. As such, PetroApp aims to change vehicle operations by eliminating cash transactions, reducing fraud, and enhancing cost control for corporate and government fleets.
Abdulaziz Al Senan, Co-Founder and CEO of PetroApp, expressed his excitement about the partnership with Jadwa Investment, stating it will strengthen PetroApp's foundation, accelerate growth, and expand its leadership in Saudi Arabia and beyond.
Established in 2018, PetroApp is Saudi Arabia's first independent provider of digital fuel payment and fleet management solutions. The investment is Jadwa's fifth under its Jadwa GCC Diversified Private Equity Fund, launched in late 2024. PetroApp's solution has been accredited as a qualified service provider by EXPRO.
The investment in PetroApp by Jadwa Investment underscores the firm's commitment to supporting companies that align with the broader objectives of Saudi Vision 2030. With this investment, PetroApp is poised to play a key role in the digitization and modernization of vehicle fleet and fuel management across the Gulf region.
[1] https://www.petroapp.com/ [2] https://www.jadwa.com/ [3] https://www.bunatventures.com/ [4] https://www.expro.com/
- The private equity investment led by Jadwa Investment and backed by Bunat Ventures will enable PetroApp, a leading fuel management platform, to expand its business in the retail market, advance technology, pursue international growth, and potentially prepare for an IPO, all while continuing to offer cashless fuel payments and fleet management solutions to over 10,000 corporate clients.
- With the investment, PetroApp plans to broaden its offering of value-added vehicle services such as car washes, oil changes, and tire and battery replacements, aiming to penetrate new markets and achieve regional growth, positioning itself as a potential future IPO candidate.
- PetroApp's foray into education-and-self-development could be a strategic move to equip its workforce with necessary skills in finance, technology, and business management to foster sustainable growth, aligning with the broader objectives of Saudi Vision 2030.
