Clove Dental's Parent Raises $50Mn From QIA The group plans to use the investment to grow the dental clinical network, expand smile-enhancing solutions, and develop a therapeutic oral care product range.
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After raising $66 million led by Investcorp, Global Dental Services, the parent of oral care start-up Clove Dental has raised an equity investment of $50 million from the Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar.
The total investment of $116 million will be used to grow the dental clinical network, expand smile-enhancing solutions, and develop a therapeutic oral care product range, according to the company. Founded in 2011, the company operates 422 company-owned and managed dental clinics under the "Clove Dental" banner, spread across 24 cities in 12 states.
Said Amarinder Singh, Founder and CEO, Global Dental, "The investment from QIA will enable the 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."
It is reported that 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. Said Sheikh Faisal Thani Al-Thani, Chief Investment Officer, Africa & APAC at QIA, "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,"
Louis Shakinovsky, Chairman, Global Dental, said, "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.
