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 MMfrom Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar.
Combined with USD 66MM 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 116MM (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 products range. 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”.