Global Dental Services, parent of tech-enabled dental services provider Clove Dental, on Friday announced that it has secured an equity investment of $50 million from Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar.
DealStreetAsia first reported the development in July this year.
Global Dental last raised $66 million in December 2022 in a funding round led by global alternate investment firm Investcorp. Others who participated in that round include Tybourne Capital and SeaLink Capital Partners.
The total investment of $116 million (Rs 963 crore) will be used to grow Clove Dental’s clinical network, expand smile-enhancing solutions, and develop a therapeutic oral care products range, the company said in a statement.
“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, and affordable dental care,” said Amarinder Singh, founder & CEO of Global Dental.
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. Clove claims to be managing more than 45,000 patients every month and has more than 1,000 dentists on its payroll. It has already completed over 30 lakh treatments over the last 12 years.
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 telecom, retail, and green energy sectors.
“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,” said Sheikh Faisal Thani Al-Thani, Chief Investment Officer, Africa & APAC at QIA.
Clove’s revenue rose 70.5% from Rs 98.43 crore in 2021 to Rs 167.77 crore in 2022. Meanwhile, its losses narrowed from Rs 89.48 crore in 2021 to Rs 56.31 crore last year.