Qatar Investment Authority invests $50M in Labuan Clove Dental Parent
The Qatar Investment Authority (QIA) has injected $50 million (approximately Rs 417 crore) into Global Dental Services, supported by Investcorp, the parent company overseeing one of India's largest dental clinic chains, Clove Dental. Founder Amarinder Singh revealed this information during an exclusive interview. This marks the company's second fundraising effort within a year, following a $66 million investment in November the previous year, spearheaded by Investcorp based in Bahrain.
Singh mentioned that the funds acquired from both the Qatar Investment Authority (QIA) and the previous funding round would facilitate the expansion of Global Dental Services dental clinic network. Additionally, it would support their entry into new segments within dental care, like dental beauty and the development of everyday dental care products. The company, established in 2011, operates as a tech-enabled provider of dental care services, serving diverse consumer and business-to-business sectors within the industry. Currently, it manages 422 company-owned dental clinics spread across 24 cities spanning 12 states.
Singh expressed, "Our dental clinic operations exhibit growth and profitability. Our objective for the next three to four years involves scaling our clinic network to approximately 1,000 clinics". He added, "This fiscal year, we've expanded by 70 new clinics, aiming to reach a count of around 470-490 clinics by year-end. Subsequently, we plan to add 150-200 clinics annually over the next three to four years". The dental chain holds a robust presence in the Delhi-National Capital Region, boasting 130 clinics, along with a significant presence in cities such as Bengaluru, Hyderabad, Chennai, Ahmedabad, Pune, and Chandigarh.