PetroApp, a Saudi-based fuel payments, fleet management, and vehicle services platform, today announced the successful closing of a $50  million investment round led by Jadwa Investment through its GCC Diversified Private Equity Fund, with participation from Bunat Ventures.

More to Know:

• PetroApp was founded in 2018 by Abdulaziz Al Senan.
• It offers a smart system for managing recurring vehicle budgets, digital payments, and fuel management.
• Serving over 500,000 vehicles and more than 10,000 companies through a network of 5,000 fuel stations across Saudi Arabia, Egypt, Thailand, and Nigeria, according to its statement.
• Plans to go public on the Saudi main stock exchange (Tadawul All Share Index, TASI).
• Aims to expand into new international markets, and enhance its products using artificial intelligence –

Related Comments:

• Abdullah Al Kasabi, Chairman of PetroApp and CEO of RZM Investment, commented: “At RZM, we invested in PetroApp in 2020, driven by our conviction in its bold mission and strong value proposition for both corporate clients and fuel station partners. Today, as Chairman, I’m 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, Founder and CEO of PetroApp, stated: “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.”