Qatar fund looks to further diversify portfolio in India’s fast-growing economy
Wealth fund Qatar Investment Authority (QIA) is making a strategic equity investment of US$50 million in Global Dental Services, parent of Clove Dental, India’s largest tech-enabled-dental-platform.
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 and affordable dental care”.
Combined with US$66 million 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 US$116 million will be used to rapidly grow the Clove Dental clinical network, expand world-class smile-enhancing solutions, and develop a therapeutic oral care product range.
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 technology, media and telecoms sector, retail sector, and in green energy investments.
“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.”
Founded in 2011, by Amarinder Singh, the group, as on date, operates 422 company-owned and managed dental clinics under the “Clove Dental” banner, spread across 24 cities in 12 states.
Clove clinics are equipped with state-of-the-art dental equipment and managed by a team of over 1,010 highly qualified dentists.
QIA was founded in 2005 to invest and manage the state reserve funds. QIA is among the largest and most active sovereign wealth funds globally.
Global Dental Services (GDS) is a tech-enabled comprehensive end-to-end dental platform providing products and services for oral health, dental beauty and every day at-home care. Fiinews.com
