Jadwa leads $50mln investment round in PetroApp
Founded in 2018, PetroApp is Saudi Arabia's first independent provider of digital fuel payment and fleet management solutions.
The platform enables access to ancillary services such as car washes, oil changes, tire and battery replacements, and eliminates cash transactions, reducing fraud, and improving cost control for corporate and government fleets.
PetroApp manages over 500,000 vehicles for 10,000+ corporate clients across Saudi Arabia, Egypt, Thailand, and Nigeria.
The transaction marks Jadwa's fifth investment under its Jadwa GCC Diversified Private Equity Fund, launched in late 2024.
The fund's acquisition of a majority stake in Makhazen Alenaya, a market leader in Saudi Arabia's beauty and personal care retail sector, highlights Jadwa's active pipeline across high-growth verticals.
Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment, commented: '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.'
Elie El-Khoury, Head of Private Equity at Jadwa Investment, added: '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.'
Abdullah Al Kasabi, Chairman of PetroApp and CEO of RZM Investment, emphasized the significance of this investment round, describing it as a turning point for the company. He stated: '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.'
Abdulaziz Al Senan, Co-Founder and CEO of PetroApp, expressed his enthusiasm about the deal, saying: '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.'
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