Global Dental Services, parent of Clove Dental, secures USD 50MM investment from Qatar Investment Authority (QIA)
Delhi, 25 November 2023 – Global Dental Services, parent of Clove Dental, India’s largest tech-enabled-dental-platform, is delighted to announce a strategic equity investment of USD 50 MM from Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar.
Combined with USD 66 MM raised in December 2022, in a round led by Investcorp, this investment underscores the group’s historical performance and confidence in the significant growth potential. The total investment of USD 116 MM (INR 963 Crore) will be used to rapidly grow the Clove Dental clinical network, expand world-class smile-enhancing solutions, and develop a therapeutic oral care product range.
Founded in 2011, by Amarinder Singh, the group, as on date, operates 422 company-owned & managed dental clinics under the “Clove Dental” banner, spread across 24 cities in 12 states.
This investment in Clove Dental 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 in green energy investments.
Sheikh Faisal Thani Al-Thani, Chief Investment Officer, Africa & APAC at QIA added, “QIA is committed to supporting innovative companies with high-growth potential and sees great potential in India’s fast-growing healthcare and retail markets. We have been impressed by Clove’s rapid expansion across India, commitment to quality, and innovative approach to dental care and look forward to welcoming them to our diverse global healthcare portfolio.”
Louis Shakinovsky, Chairman of Global Dental, stated, “From inception, we have been, and are, very selective in whom we bring on as partners and shareholders. QIA is an outstanding example of a shareholder who is aligned with the long-term vision of the group. At Global Dental we have made significant investments in people, technology, equipment, and infrastructure.”
Amarinder Singh, Founder & 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 & II cities across India, ensuring that more Indians have access to reliable, high-quality, & affordable dental care”.
Clove clinics are equipped with state-of-the-art dental equipment and managed by a team of over 1,010 highly qualified dentists. 78% of Clove Dentists are women and 61% of Dentists hold advanced Master’s (MDS) degrees in Dentistry. Clove has extensive standard operating procedures (SOPs), standardized pricing, non-commission-based compensation systems, in-clinic audits, peer-to-peer case (treatment) reviews and AI-based chair sterilization systems that collectively, have set new benchmarks in dentistry in India and globally.