Global Dental Services, the parent company of Clove Dental, has raised $50 million in equity investment from the Qatar Investment Authority (QIA), the sovereign wealth fund of Qatar.
The funding announcement comes after it raised $66 million from Investcorp in December of the previous year. The combined $116 million will be channeled towards expanding Clove Dental’s clinic network, enhancing its service offerings, and developing a range of therapeutic oral care products.
Clove Dental’s expanding footprint
Founded in 2011 by Amarinder Singh, Clove Dental has grown to operate 422 clinics across 24 cities in 12 Indian states. The company’s focus is on providing high-quality, affordable dental care in both existing and emerging tier 1 and 2 cities in India.
“This investment from QIA will enable our group to pursue its ambitious growth plans in both existing and new tier 1 and 2 cities across India, ensuring that more Indians have access to reliable, high-quality, and affordable dental care,” said Amarinder Singh, founder and chief executive officer of Global Dental.
QIA’s focused on healthcare innovation
Sheikh Faisal Thani Al-Thani, Chief Investment Officer for Africa and APAC at QIA, highlighted the fund’s dedication to supporting innovative companies with high growth potential. He expressed confidence in India’s rapidly growing healthcare and retail markets and praised Clove Dental’s commitment to quality and innovative dental care approaches.
Technological advancements
Clove Dental claims to have a team of over 1,010 highly qualified dentists, 78% of whom are women. The company has set benchmarks in dentistry both in India and globally with its advanced master’s degrees in Dentistry, standardized operating procedures, non-commission-based compensation systems, and AI-based chair sterilization systems.
The Indian oral hygiene market, valued at $1844 million in 2022, is projected to grow at a compound annual growth rate of 5.3% to $2,586.3 million by 2028.
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