Global Dental Services raises $50 mn from Qatar Investment Authority


Global Dental Services, the parent firm of oral care startup Clove Dental, has raised a strategic equity investment of $50 million from the Qatar Investment Authority (QIA), the sovereign wealth fund of Qatar.

The firm had previously raised $66 million in December [specific year], led by Investcorp. The cumulative investment of $116 million will be used to scale up Clove Dental’s network of clinics, expand its offerings, and develop a therapeutic oral care products range, the company said.

“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.

Founded in 2011 by Singh, the company currently operates 422 company-owned and managed dental clinics under the ‘Clove Dental’ banner, spread across 24 cities in 12 states.

“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,” said Louis Shakinovsky, chairman of Global Dental.

The company says that Clove clinics are equipped with state-of-the-art dental equipment and managed by a team of over 1,010 highly qualified dentists. As many as 78 per cent of Clove dentists are women, and 61 per cent of dentists hold advanced master’s degrees in Dentistry.

“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 and APAC at QIA.

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 have collectively set new benchmarks in dentistry in India and globally, the company said.

First Published: Nov 24 2023 | 4:16 PM IST


Source link

Related Articles

Back to top button