CHENNAI: Global Dental Services, parent of Clove Dental has announced a strategic equity investment of $50 mn from Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar.

Combined with $66 mn 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 $116 mn (Rs 963 crore) will be used to rapidly grow the Clove Dental clinical network.

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

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.

Sheikh Faisal Thani Al-Thani, chief investment officer, Africa & APAC at QIA added, “QIA is committed to supporting innovative companies with high-growth potential and sees great potential in India’s fast-growing healthcare and retail markets.’’