Latest news with #PetroApp
Zawya
19 hours ago
- Business
- Zawya
Ninja closes $250mln funding, plans IPO on Tadawul by 2027
Riyadh - Saudi q-commerce startup Ninja has raised $250 million in a funding round led by Riyad Capital, reaching a $ 1.50 billion valuation. The fundraising transaction anchors the platform's status as the Kingdom's latest tech unicorn, according to a press release. Ninja will use the new capital to expand operations, scale its logistics capabilities, and prepare for a public listing on the Saudi Exchange (Tadawul) by 2027. The company joins a growing list of Gulf tech firms considering initial public offerings (IPOs) as the region seeks to establish a deeper and more dynamic capital market ecosystem. Saudi digital fuel and fleet management platform PetroApp also unveiled IPO plans on Tadawul. The funding round also highlights Riyad Capital's role as a leading institutional backer of MENA startups and Saudi Arabia's rising stature as a venture capital hub. Established in 2022 by Saud Al Qahtani and Canberk Donmez, Ninja delivers groceries and daily essentials across Saudi Arabia, Bahrain, Qatar, and Kuwait. In January 2023, Ninja raised a pre-seed round led by Bunat Ventures, along with several venture capital (VC) firms from the region, the US, and family offices in Saudi Arabia. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Fintech News ME
20 hours 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.'
Zawya
a day ago
- Automotive
- Zawya
PetroApp closes $50mln fund round to accelerate global expansion; IPO plans unveiled
Riyadh: Saudi digital fuel and fleet management platform PetroApp has concluded a $50 million investment round led by Jadwa Investment through its GCC Diversified Private Equity Fund. Bunat Ventures also participated in the fundraising transaction, according to a press release. The funding will accelerate PetroApp's global expansion, advance its initial public offerings (IPO) plans on the Main Market of the Saudi Exchange (Tadawul), and enhance services for retail and government clients. Abdullah Al Kasabi, Chairman of PetroApp and CEO of RZM Investment, welcomed the new investors, calling the deal a 'defining milestone' in PetroApp's institutional journey. Abdulaziz Al Senan, Founder and CEO of PetroApp, said the partnership with Jadwa and Bunat will strengthen the company's foundation and accelerate growth. '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,' Al Senan added. From the investors' side, Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment, highlighted:'PetroApp marks our first investment in the software and services sector in the region.' Adding to this, Elie Al Khoury, Head of Private Equity at Jadwa Investment, said '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.' Founded in 2018, PetroApp is Saudi Arabia's first independent provider of cashless fuel and fleet management solutions. PetroApp currently serves over 500,000 vehicles and 10,000 corporate and government clients across Saudi Arabia, Egypt, Thailand, and Nigeria, operating through a network of 5,000 fuel stations, and projects revenues exceeding SAR 10 billion in 2025. The platform has expanded beyond core fuel services to include car washes, oil changes, and tire and battery replacements. PetroApp is also investing in AI-powered analytics to enable predictive maintenance and enhance operational efficiency. It is worth highlighting that PetroApp was recently appointed as an approved service provider by the Saudi Authority for Government Procurement and Expenditure Efficiency.
Zawya
2 days ago
- Automotive
- Zawya
PetroApp secures $50mln funding round
PetroApp, the leading independent platform for digital fuel payments, fleet management, and vehicle services, 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. Founded in 2018, PetroApp is Saudi Arabia's first standalone provider of cashless fuel payment and fleet management solutions, eliminating cash transactions, reducing fraud risk, and delivering real-time cost control for corporate and government fleets. The platform has since expanded to offer ancillary services; including car washes, oil changes, and tire & battery replacements, and continues to enhance its product suite with artificial intelligence to boost operational efficiency and enable predictive maintenance. Today, PetroApp serves more than 500,000 vehicles globally on behalf of over 10,000 corporate and governmental clients, operating through a network of 5,000 fuel stations across Saudi Arabia, Egypt, Thailand, and Nigeria. The company projects revenues exceeding SAR 10 billion in 2025, underscoring its commitment to pioneering technologies that reduce costs, optimize operations, and drive digital transformation in transportation and logistics. This latest financing milestone will enable PetroApp to prepare for an initial public offering on the Saudi Exchange (Tadawul), accelerate its expansion into new international markets while solidifying its presence in existing ones, broaden its offerings to the retail and government sectors, having been appointed as an approved service provider by the Saudi Authority for Government Procurement and Expenditure Efficiency and launch new, integrated vehicle management services powered by AI-driven analytics. 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.' Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment, commented: 'PetroApp marks our first investment in the software and services sector in the region. Its impactful solution reflects the kind of innovation that supports Vision 2030's broader shift toward digitizing critical sectors across the Kingdom.' Elie El-Khoury, Head of Private Equity at Jadwa Investment, added: '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.' Khaled Zein Al Abidin, Founder and CEO of Bunat Ventures, noted, 'Our decision to back PetroApp reflects Bunat's focus on high-quality, scalable opportunities. PetroApp's diversified services and multi-market footprint position it for sustained growth, particularly as it expands into the retail and government segments.'
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.
