Global Dental Services, parent of Clove Dental gets Rs 417 crore from Qatar Investment Authority
Mumbai: Investcorp-backed Global Dental Services, the powerhouse behind Clove Dental—one of the largest dental clinic chains in India—has received a major financial boost from the Qatar Investment Authority (QIA).The sovereign wealth fund has injected $50 million (approximately Rs 417 crore) into the healthcare enterprise, a move disclosed by Clove Dental’s founder, Amarinder Singh,...
Mumbai: Investcorp-backed Global Dental Services, the powerhouse behind Clove Dental—one of the largest dental clinic chains in India—has received a major financial boost from the Qatar Investment Authority (QIA).
The sovereign wealth fund has injected $50 million (approximately Rs 417 crore) into the healthcare enterprise, a move disclosed by Clove Dental’s founder, Amarinder Singh, to ET..
The dental care services provider raised $66 million in November last year in a round led by the global investment group, Investcorp, based in Bahrain.
The funds from QIA and in the previous round will be utilized by the Company to foray into new categories in dental care such as dental beauty and everyday dental care products business and expand its dental clinic network.
Established in 2011, Global Dental Services is a tech-enabled dental care services provider catering to a varied clientele, ranging from individual consumers to other businesses. The company operates a robust network of 422 dental clinics sprawled across 24 cities in 12 Indian states.
"Our dental clinic business is profitable and growing. Over the next three to four years we plan to expand our clinic network to around 1,000 clinics," said Singh. "So far this fiscal, we have added 70 new clinics and we are hoping to reach around 470-490 clinics by the end of the year. We are planning to add around 150-200 clinics each year in the next three to four years."
With a particularly strong foothold in the Delhi-National Capital Region where it runs 130 clinics, Clove Dental also has significant operations in other major Indian cities including Bengaluru, Hyderabad, Chennai, Ahmedabad, Pune, and Chandigarh.
Read also: Dr A.P.J Abdul Kalam inaugurates new Clove Dental Centre
