Sovereign wealth fund Qatar Investment Authority (QIA) has made an equity investment of US$50mil (Rs 416 crore) in Global Dental Services, the parent company of Clove Dental, India’s largest tech-enabled-dental-platform. The group operates more than 400 company-owned and company-operated dental clinics under the “Clove Dental” banner.
The equity injection from QIA is said to unlock significant growth opportunities for the group as it seeks to expand across India, ensuring that more Indians have access to reliable, high-quality, and affordable dental care.
“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,” said founder and CEO of Global Dental, Amarinder Singh.
Prior to QIA, Clove Dental raised around $66mil (Rs 549 crore) in Dec 2022 in a round led by Investcorp, which brings the total investment raised by the group of late to $116mil (Rs 963 crore). The funds would be used to rapidly grow the Clove Dental clinical network and develop a therapeutic oral care products range, reported the Times of India.
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 retail and real estate sectors, and in green energy investments.
“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.
“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 chairman of Global Dental, Louis Shakinovsky.
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