Latest news with #GCCDiversifiedPrivateEquityFund
Fintech News ME
a day ago
- Automotive
- Fintech News ME
Saudi's PetroApp Secures $50M to Support IPO and Expansion
PetroApp, a Saudi Arabia-based independent digital platform for fuel payments, fleet management, and vehicle services, has closed a US$50 million funding round. 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.'
CairoScene
3 days ago
- Automotive
- CairoScene
Saudi Fintech PetroApp Secures $50M to Grow Fuel & Fleet Services
Founded in 2018, PetroApp provides a fully digital platform that replaces cash transactions at fuel stations and for ancillary services, including car washes and battery replacements. Jul 01, 2025 Saudi-based fuel-tech startup PetroApp has secured a $50 million funding round to scale its cashless fuel payment and fleet management platform across the Kingdom. The round was led by Jadwa Investment through its GCC Diversified Private Equity Fund, with participation from venture capital firm Bunat Ventures. Founded in 2018, PetroApp provides a fully digital platform that replaces cash transactions at fuel stations and for ancillary services like car washes, oil changes, tyre and battery replacements. The platform is used by more than 500,000 vehicles across over 10,000 corporate clients, serving over 5,000 fuel stations in Saudi Arabia, Egypt, Thailand, and Nigeria. With the new capital, PetroApp aims to broaden its fleet services, introduce consumer-facing retail offerings within the Kingdom, and position itself for a potential initial public offering on the Saudi exchange. The company recently received accreditation from Saudi's Expenditure and Projects Efficiency Authority (EXPRO) as a qualified government vendor, boosting its market. 'This partnership will help strengthen our foundation, accelerate regional expansion, and set new benchmarks in fuel and fleet innovation aligned with Vision 2030 goals," Abdulaziz Al Senan, PetroApp's co-founder and CEO, said. Jadwa's investment marks its fifth under the GCC Diversified Private Equity Fund, following notable acquisitions including a stake in the Makhazen Alenaya beauty retailer.
Zawya
24-06-2025
- Business
- Zawya
Jadwa buys majority stake in Saudi retailer Makhazen Alenaya
Saudi Arabiab - Jadwa Investment, a leading investment management and advisory firm in the Middle East, has announced the acquisition of a majority stake in Makhazen Alenaya through its flagship blind-pool vehicle, Jadwa GCC Diversified Private Equity Fund. The transaction marks the Saudi group's fourth investment under Jadwa GCC Diversified Private Equity Fund (formerly known as GCC Private Equity Fund I). The fund's prior investments include Gissah Perfumes, Blackspoon Group, and Tikkaway. Founded in 2019, Makhazen is a fast-growing Saudi retail concept with 15 branches across the kingdom. The company has redefined the beauty and personal care sector by pioneering an emerging retail format: the multi-category specialist. Makhazen offers a wide, curated product range at consistently affordable prices and through a premium one-stop-shop experience. Backed by strong consumer traction and a scalable operating model, the company is poised to expand its footprint across Saudi Arabia. Tariq Al Sudairy, the Managing Director & CEO of Jadwa Investment, said: "We are pleased to partner with Makhazen Alenaya in our second investment in the region's retail sector. The transaction reflects our confidence in the Kingdom's evolving consumer landscape, supported by far-reaching economic reforms and a shift toward modern retail formats." Headquartered in Riyadh, Jadwa boasts more than SAR100 billion ($30 billion) in client assets across public equity, private equity, real estate, private credit, fixed income, and money market investments. Its clients include government-related entities, local and international institutional investors, prominent family offices, and high-net-worth individuals. Elie El Khoury, Head of Private Equity at Jadwa Investment, said: "Makhazen is a clear category leader in a fast-evolving retail landscape. It pioneered value-driven pricing with premium customer experience, which sets it apart from traditional formats and positions it for significant growth." "This investment reflects our strategy to back high-growth businesses with scalable, defensible platforms." Abdullah Almudaihesh, the Co-Founder and CEO of Makhazen Alenaya, said: "Partnering with Jadwa Investment marks a defining milestone in Makhazen's journey. We will leverage Jadwa's deep expertise to accelerate our growth, strengthen our operational capabilities and governance, and unlock long-term value." "This partnership will reinforce our leadership position in the Kingdom's beauty and personal care sector and lay the foundation to list on the Saudi Exchange's Main Market," he added. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
