PetroApp, a Saudi-based digital fuel payment and fleet management platform, has raised US$50 million in a funding round led by Jadwa Investment through its GCC Diversified Private Equity Fund.

Bunat Ventures also participated in this investment.

The company intends to use the funds to prepare for an initial public offering on the Saudi Exchange (Tadawul). It also plans to expand into new international markets and enhance its offerings, including AI-driven vehicle management services.

Founded in 2018, PetroApp provides cashless fuel payments, fleet management solutions, and vehicle services. These services include car washes, oil changes, and tire and battery replacements.

The platform operates in Saudi Arabia, Egypt, Thailand, and Nigeria.

It serves over 500,000 vehicles and 10,000 corporate and governmental clients through a network of 5,000 fuel stations.

PetroApp projects revenues exceeding SAR 10 billion by 2025 (US$2.7 billion) as it seeks to further digitize transportation and logistics operations.

🔗 Source: PetroApp

🧠 Food for thought

1️⃣ Saudi Arabia’s digital transformation agenda creating billion-dollar tech opportunities

PetroApp’s success is a direct outcome of Saudi Arabia’s Vision 2030 initiative launched in 2016 to diversify the economy away from oil dependency, with the non-oil sector now contributing over 50% of GDP.

This national transformation has created fertile ground for digital startups, with over $5 trillion committed to more than 5,000 projects across the Kingdom 1.

The digital economy in Saudi Arabia has grown to approximately SAR495 billion, now contributing 15% to the national GDP and creating a substantial market for B2B technology platforms 2.

With internet penetration reaching nearly 99%, Saudi Arabia has become one of the most connected nations globally, providing the infrastructure needed for digital payment solutions to thrive 2.

PetroApp exemplifies how Saudi tech companies are leveraging this environment to expand regionally, as the company now operates across four countries serving 10,000+ corporate clients with 500,000 vehicles.

This growth trajectory aligns with broader national achievements, as Saudi Arabia now ranks 6th globally in the UN’s E-Government Development Index, demonstrating the success of its digital transformation efforts 2.