Clove Dental’s parent company, Global Dental Services, has raised an equity investment of $50 million from the Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar.
The round comes after the $66 million in funding raised in December 2022, which was led by Investcorp. The total investment of $116 million (₹963 crore) will be used to grow the dental clinical network, expand smile-enhancing solutions, and develop a therapeutic oral care product range, the company said.
Moreover, this investment underscores the group’s historical performance and confidence in its significant growth potential. Founded in 2011, the group currently operates 422 company-owned and managed dental clinics under the “Clove Dental” banner, spread across 24 cities in 12 States.
Amarinder Singh, Founder and CEO of Global Dental, said, “This investment from QIA will enable our group to pursue its ambitious growth plans in both existing and new Tier I and II cities across India, ensuring that more Indians have access to reliable, high-quality, and affordable dental care.”
Diversifying portfolio
According to the company, the investment comes as QIA looks to further diversify its portfolio in India’s fast-growing economy and comes on the back of recent investments in India within the technology, media and telecoms sector, retail sector, and green energy investments.
“We are committed to supporting innovative companies with high growth potential and see great potential in India’s fast-growing healthcare and retail markets. We have been impressed by the company’s rapid expansion across the country and look forward to welcoming them to our diverse global healthcare portfolio,” said Sheikh Faisal Thani Al-Thani, Chief Investment Officer, Africa & APAC at QIA.
Louis Shakinovsky, Chairman of Global Dental, stated, “From inception, we have been selective in whom we bring on as partners and shareholders. At Global Dental, we have made significant investments in people, technology, equipment, and infrastructure.” Clove clinics are managed by a team of over 1,010 dentists.