- Companies
- Clove Dental
Clove Dental Funding, Investors & Competitors
Clove Dental has raised $117M across 2 funding rounds, most recently a $50M Series E in November 2023.
Last Clove Dental funding round
$50M
Series E · Nov 2023
Cumulative funding Clove Dental raised
$117M
across 2 funding rounds
Key investors in Clove Dental
Qatar Investment Authority
Investcorp Capital
Tybourne Capital Management
SeaLink Capital Partners
About Clove Dental
Clove Dental is a Delhi-based chain of 350 multi-specialty dental clinics across 25 Indian states. The network equips facilities with CAD/CAM systems and intraoral scanners, delivering services from cosmetic dentistry to oral surgery. Employing 800 dentists, Clove Dental treats over 1 million patients monthly while maintaining transparency through fixed pricing. Launched in 2011, it holds ISO 9001 certification for hygiene and patient safety.
Founded
2011
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Services
Clove Dental Funding History
Clove Dental has raised a total of $117M across 2 funding rounds.
Clove Dental's first fundraising round was a $67M Series D in November 2022. The most recent completed round was a $50M Series E in November 2023.
Clove Dental funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Nov 2023 | Series E | Qatar Investment Authority (lead) | $50M | Global Dental Services, the parent company of Clove Dental, India's largest tech-enabled dental chain founded in 2011 by Amarinder Singh, raised $50 million in equity funding from Qatar Investment Authority (QIA) in late November 2023. This followed a $66 million Series D round in December 2022 led by Investcorp, bringing cumulative funding to $116 million. The investment supports expansion of Clove Dental's network of over 400 company-owned and managed clinics across 24 cities in 12 states, development of therapeutic oral care products, and entry into dental beauty categories. Clove Dental operates with standardized pricing, non-commission-based dentist compensation, in-clinic audits, peer reviews, and AI-based sterilization, staffed by over 1,000 qualified dentists, 78% of whom are women and 61% hold advanced degrees. The chain has a strong presence in Delhi-NCR with 130 clinics and others in cities like Bengaluru, Hyderabad, and Chennai. Additional businesses include Yarrow Dental Laboratory for custom prostheses and xMedco for dental equipment distribution, plus a D2C oral care brand. QIA's investment aligns with its diversification into India's healthcare, retail, and green energy sectors, viewing Clove as a high-growth player in the fast-expanding dental market. The company was reportedly in talks to acquire a majority stake in rival Sabka Dentist to consolidate operations. |
| Nov 2022 | Series D | Investcorp Capital (lead); Tybourne Capital Management; SeaLink Capital Partners | $67M | Clove Dental, operated by Global Dental Services Ltd (GDS), is Asia’s largest dental chain and among the top 15 global Dental Services Organizations, with 340 clinics across 24 cities and 12 states in India as of November 2022. Founded in 2011 by CEO Amarinder Singh, it offers a full range of dental treatments including clinics, dental beauty/alignments, and oral care products, supported by 841 dentists, 521 with advanced MDS degrees. The company raised $66 million (INR 545 crore) in a growth funding round in November 2022, led by Investcorp with participation from Tybourne Capital Management, SeaLink Capital Partners, and existing shareholders. This marked Investcorp’s fourth healthcare investment in India and first in dental care. The funds are earmarked for expansion, including accelerating clinic openings, enhancing technological equipment, growing the hybrid model, and expanding smile correction products in a highly fragmented $2-3 billion Indian dental services market where organized chains hold under 10% share. Clove leverages standardization, technology, and preventive awareness to lead in this underpenetrated sector, targeting tier-2 cities like Jaipur and Chandigarh, and future entry into Kolkata, Surat, and tier-3 markets. Prior to this round, GDS had raised around $100 million from family offices and high networth individuals. Financial traction includes a topline of Rs 370 crore in the last fiscal (likely FY23), driven by network expansion and patient trust in organized dental care. The company eyes sustained growth in the current fiscal with investor backing from Investcorp and later Qatar Investment Authority. This investment aligns with trends in hygiene awareness and reliance on professional chains, positioning Clove to scale operations amid rising demand for affordable, high-quality dentistry. |
Who has invested in Clove Dental?
4 investors have backed Clove Dental across its funding rounds, including Qatar Investment Authority, Investcorp Capital, Tybourne Capital Management and SeaLink Capital Partners.
Lead investors include Qatar Investment Authority and Investcorp Capital.
Clove Dental Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Nov 2022 | ||
| 1 | Participant | Nov 2022 | ||
This data is available for Pro users. Sign up to see all 4 Clove Dental investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Clove Dental
Clove Dental has acquired 1 company to date.
Last acquisition by Clove Dental was on January 30th 2017. Clove Dental acquired Denty's for undisclosed valuation.
Latest Acquisitions by Clove Dental
| Description | Denty's is an India-based chain of dental clinics operated by Today's Healthcare India Private Limited. It provides accessible, standardized dental treatments incorporating advanced diagnostic tools, implants, orthodontics, and cosmetic procedures while maintaining personalized care at multiple urban locations nationwide. |
| HQ Country | |
| HQ City | Hyderabad |
| Deal Date | 30 Jan 2017 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Clove Dental acquisitions and their M&A valuation multiples. Start Free Trial | |
Clove Dental Competitors
Clove Dental competitors include listed companies like HCA Healthcare, Alcon and Fresenius, and private ones like Sunny Dental, Dentologie and Elicare Medical Group.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $281M | - | ||
| Private | $26M | - | $108M | 4.1x | ||
| Private | - | - | $11M | - | ||
| Publicly listed | $76B | $16B | $93B | 1.9x | ||
| Publicly listed | $10B | $2.6B | $31B | 3.3x | ||
| Publicly listed | $26B | $4.2B | $30B | 1.6x |
Clove Dental Public Comps
Clove Dental is still privately-owned, but its public comps include HCA Healthcare, Alcon, Fresenius, Dr. Sulaiman Al Habib, Tenet Healthcare, IHH Healthcare, Rollins, Rede D'Or São Luiz, Apollo Hospitals and Encompass Health.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $76B | $16B | 1.9x | 1.9x | 9.4x | 9.4x | |||
| $10B | $2.6B | 3.4x | 3.3x | 13.4x | 12.5x | |||
| $26B | $4.2B | 1.6x | 1.6x | 10.1x | 9.4x | |||
| $3.7B | $927M | 6.4x | 5.9x | 25.2x | 24.7x | |||
| $21B | $4.5B | 1.7x | 1.6x | 8.1x | 7.5x | |||
| $6.3B | $1.5B | 3.3x | 3.0x | 13.8x | 13.6x | |||
| $3.8B | $854M | 4.5x | 4.2x | 19.8x | 19.1x | |||
| $11B | $1.3B | 1.7x | 1.6x | 14.3x | 8.4x | |||
This data is available for Pro users. Sign up to see all Clove Dental competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Clove Dental
| When was Clove Dental founded? | Clove Dental was founded in 2011. |
| Where is Clove Dental headquartered? | Clove Dental is headquartered in New Delhi, India. |
| Is Clove Dental publicly listed? | No, Clove Dental is a private, VC-backed company. |
| How much funding has Clove Dental raised? | Clove Dental has raised $117M across 2 funding rounds. |
| What was Clove Dental's last funding round? | Clove Dental's last funding round was a $50M Series E in November 2023, led by Qatar Investment Authority. |
| Who are Clove Dental's investors? | Clove Dental's investors include Tybourne Capital Management, SeaLink Capital Partners, Investcorp Capital and Qatar Investment Authority. |
| Which companies are comparable to Clove Dental? | Companies comparable to Clove Dental include Sunny Dental, Dentologie, Elicare Medical Group, HCA Healthcare, Alcon and Fresenius. |
| How many companies has Clove Dental acquired? | Clove Dental has acquired 1 company, including Denty's. |
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