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

Clove Dental Overview

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

IndiaNew Delhi

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

Clove Dental funding rounds
DateStageInvestorsRaisedDeal Summary
Nov 2023Series EQatar Investment Authority (lead)$50MGlobal 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 2022Series DInvestcorp Capital (lead); Tybourne Capital Management; SeaLink Capital Partners$67MClove 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

Investors in Clove Dental by funding rounds participated
InvestorHQRoundsRoleFirst check
Tybourne Capital ManagementHong KongHong Kong1ParticipantNov 2022
SeaLink Capital PartnersIndiaMumbai1ParticipantNov 2022

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions 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

Denty's
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 CountryIndia
HQ City
Hyderabad
Deal Date30 Jan 2017
Valuationundisclosed
EV/Revenue
EV/EBITDA

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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.

Public and private companies comparable to Clove Dental
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Sunny DentalChinaBeijingPrivate--$281M-
DentologieUnited StatesUnited StatesPrivate$26M-$108M4.1x
Elicare Medical GroupCanadaVancouverPrivate--$11M-
HCA HealthcareUnited StatesUnited StatesPublicly listed$76B$16B$93B1.9x
AlconSwitzerlandSwitzerlandPublicly listed$10B$2.6B$31B3.3x
FreseniusGermanyGermanyPublicly listed$26B$4.2B$30B1.6x

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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
HCA Healthcare$76B$16B1.9x1.9x9.4x9.4x
Alcon$10B$2.6B3.4x3.3x13.4x12.5x
Fresenius$26B$4.2B1.6x1.6x10.1x9.4x
Dr. Sulaiman Al Habib$3.7B$927M6.4x5.9x25.2x24.7x
Tenet Healthcare$21B$4.5B1.7x1.6x8.1x7.5x
IHH Healthcare$6.3B$1.5B3.3x3.0x13.8x13.6x
Rollins$3.8B$854M4.5x4.2x19.8x19.1x
Rede D'Or São Luiz$11B$1.3B1.7x1.6x14.3x8.4x

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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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