Saudi's PetroApp Secures $50M to Support IPO and Expansion
The investment was led by Jadwa Investment through its GCC Diversified Private Equity Fund, with additional participation from Bunat Ventures.
Established in 2018, PetroApp is Saudi Arabia's first standalone provider of cashless fuel payment and fleet management solutions.
The platform eliminates the need for cash transactions, reduces fraud risk, and offers real-time cost control for corporate and government fleet operators.
Over time, the company has expanded its services to include car washes, oil changes, and tyre and battery replacements, while incorporating artificial intelligence to support operational efficiency and predictive maintenance.
PetroApp currently manages more than 500,000 vehicles globally for over 10,000 clients, including corporations and government entities.
Its network spans 5,000 fuel stations across Saudi Arabia, Egypt, Thailand, and Nigeria.
The company forecasts revenue exceeding SAR 10 billion in 2025.
The latest capital injection will be used to support PetroApp's plans for an initial public offering on the Saudi Exchange (Tadawul), expand its international footprint, and introduce new AI-powered vehicle management services.
The company also intends to increase its offerings to the retail and government sectors.
It has recently been named an approved service provider by the Saudi Authority for Government Procurement and Expenditure Efficiency.
PetroApp's Founder and CEO, Abdulaziz Al Senan, 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.'
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