Saudi PE Firm Jadwa Invests $45 Million in PetroApp Ahead of IPO - Bloomberg
Saudi private equity firm Jadwa Investment has committed $45 million to Saudi fuel and fleet management firm PetroApp, with a view toward taking the company public by 2028.
The funding is part of a $50 million round for PetroApp that also includes Abu Dhabi-based Bunat Ventures, according to a statement. Jadwa is investing through its flagship blind pool fund and said it expects to finalize another deal with a healthcare company before the end of 2025.
Jadwa has completed a number of deals in recent weeks as part of a broader strategy to scale regional businesses and capitalize on public offering momentum. It aims to raise another $104 million for its blind pool fund before year-end and is also said to be looking to divest its stake in Saudi firm UniPharma at valuation of $267 million.
Founded in 2018, PetroApp seeks to improve cost control for corporates and governments by offering digital fuel payment and fleet management solutions. It operates across a network of more than 5,000 fuel stations in Saudi Arabia, Egypt, Thailand and Nigeria, and is preparing to launch retail offerings in the kingdom.
Jadwa remains one of Saudi Arabia’s most active investment managers, overseeing about $30 billion in client assets.
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