Jadwa Investment (an investment management and advisory firm in the Middle East), through its flagship blind-pool vehicle Jadwa GCC Diversified Private Equity Fund, announced it has led a $50 million investment round in PetroApp, which is Saudi Arabia’s leading fuel management platform. And Bunat Ventures also participated in the round.
Established in 2018, PetroApp is Saudi Arabia’s first independent provider of digital fuel payment and fleet management solutions. It aims to change vehicle operations by eliminating cash transactions, reducing fraud, and enhancing cost control for corporate and government fleets. Along with fuel, PetroApp provides access to services such as car washes, oil changes, and tire and battery replacements through a fully cashless platform.
Currently, PetroApp manages over 500,000 vehicles for more than 10,000 corporate clients through a network of over 5,000 fuel stations across Saudi Arabia, Egypt, Thailand, and Nigeria as the company expands internationally. The company has been accredited by the Expenditure and Projects Efficiency Authority (EXPRO) as a qualified provider for government sector services and is planning to launch its retail offering in Saudi Arabia.
This deal represents Jadwa’s fifth investment under its Jadwa GCC Diversified Private Equity Fund, launched in late 2024. It follows the fund’s acquisition of a majority stake in Makhazen Alenaya.
KEY QUOTES:
“PetroApp presents a compelling investment opportunity, supported by a robust technology infrastructure and strong network effects. The investment aligns with our fund’s strategy of backing ambitious management teams leading high-growth, scalable businesses across a diversified range of promising sectors.”
Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment
“PetroApp’s impactful solution reflects the kind of innovation that supports Vision 2030’s broader shift toward digitizing critical sectors across the Kingdom. This is further reflected in PetroApp’s recent accreditation as a qualified service provider by EXPRO.”
Elie El-Khoury, Head of Private Equity at Jadwa Investment
“Back in 2020, we saw in PetroApp a promising model that blends innovation with operational efficiency in serving both fuel stations and corporate clients. Our decision to invest was driven by a clear conviction in the company’s vision and its strong potential to deliver sustainable growth. Today, we are proud to welcome Jadwa Investment and Bunat Ventures. This marks a defining milestone in PetroApp’s institutional journey and supports our ambition to list on the Saudi Exchange’s Main Market.”
Abdullah Al Kasabi, Chairman of PetroApp and CEO of RZM Investment
“We are excited to embark on this partnership at a pivotal stage in PetroApp’s journey. Jadwa’s institutional expertise will be critical in strengthening our foundation, accelerating growth, and expanding our leadership in Saudi Arabia and beyond. Together, we remain committed to setting new benchmarks in fuel and fleet management innovation, aligning with our customers’ evolving expectations and the broader objectives of Saudi Vision 2030.”
Abdulaziz Al Senan, Co-Founder and CEO of PetroApp
