Clove Dental secures Series D funding from Investcorp
- ByStartupStory | November 9, 2022
Clove Dental, an Indian dental company, received Rs 545 crore (about $67 million) in a series D financing headed by global alternative investment company Investcorp on Wednesday.
According to a news release, Tybourne Capital and SeaLink Capital Partners, as well as other new and current shareholders, participated in the round.
The GDS group, founded in 2011 by its current CEO, Amarinder (Amar) Singh, owns and runs 340 clinics in 24 cities and 12 states in India under the name “Clove Dental.” Each Clove facility offers a comprehensive range of dental services and is supported by 841 dentists (521 of whom possess advanced, MDS degrees). Each cluster contains dedicated Implantologists, Orthodontists, Prosthodontists, Endodontists, Periodontists, Oral Surgeons, Pedodontists, and General Dentists, ensuring that each patient is handled by the most qualified dentist. Computer Vision and AI-based software technologies ensure that all clinics are completely clean and sanitized and that all SOPs are followed at all times. Periodic quality audits by an independent team of dentists guarantee that treatment and infrastructure quality are never compromised. Proprietary cloud-based Practice Management Software records each patient’s whole dental journey to guarantee long-term effective care and wellness.
Global Dental Services Ltd, which operates the dental chain, intends to utilize the cash to fuel development aspirations, especially by expanding its commercial reach. It also intends to expand its direct-to-consumer (D2C) hybrid model brand, LoveMySmile, which also sells smile repair goods.
“This partnership will help us prepare to achieve our expansion goals, add latest technological equipment in our clinics, bring professional and ethical dentistry to many more Indian communities. The experienced teams and network of our new partners will enable us to significantly accelerate our growth,” said Amarinder Singh, founder, and chief executive officer, of Clove Dental.
Clove Dentistry also runs mobile dental clinics to help underserved populations with dental treatment. Clove “Heritage” (charitable) clinics, like the one within Delhi’s Red Cross Hospital, provide significantly inexpensive treatments to populations in most need. Clove dentists conduct around 500 dental awareness camps in local communities each month as part of the organization’s objective of providing flawless and healthy smiles to all 1.2 billion Indians.
GDS Group just established LoveMySmile (LMS), a Direct to Consumer (D2C) brand focused on smile correction goods and solutions such as Aligners, Braces, and Teeth whitening treatments. LMS delivers a Dentist-led, one-of-a-kind solution for smile correction using a mix of D2C and in-clinic treatments that gives both convenience and high-quality results.
“GDS is now at that sweet spot of its growth story where unit economics and economies of scale are both in its favor. The capital invested in the business will result in profitable growth & create sustainable social impact. We are excited to partner with and support GDS in this exciting phase of the business,” Bosun Hau, head of private investments at Tybourne Capital Management said.
Gaurav Sharma, Head of Private Equity, India at Investcorp, said, “Today, the Indian dental services market is worth $3 billion. It is highly fragmented with large hospitals and dental chains accounting for under 10% of all practices, although this number is expected to double in the next five years. Investing in a single specialty segment, within healthcare, aligns well with our thesis of backing scaled and differentiated assets. In India, Clove Dental represents our fourth healthcare deal in the underpenetrated field of dental care that offers an attractive opportunity. With better hygiene and growing awareness about healthcare, patients are increasingly relying on organized chains for professional medical services. We look forward to this partnership and supporting the company in scaling its operations in India.”
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