Jadwa invests USD 45 mn in PetroApp: Local private equity firm JadwaInvestment invested USD 45 mn in digital fuel and fleet management company PetroApp as part of a USD 50 mn funding round that included Abu Dhabi-based Bunat Ventures, Bloomberg reports.

Use of proceeds: The funding will be used to support PetroApp’s regional growth, launch its retail offering in the Kingdom, and prepare for a planned IPO by 2028.

About PetroApp: Founded in 2018, PetroApp helps businesses and government entities manage fuel spending and vehicle fleets through its digital platform. It currently operates across more than 5k fuel stations in the Kingdom, Egypt, Thailand, and Nigeria.

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