Indian dental chain Clove Dental, on Wednesday raised Rs 545 crore (about $67 million) in a series D round, led by global alternate investment firm Investcorp.
The round also saw participation from Tybourne Capital and SeaLink Capital Partners apart from some new and existing shareholders, according to a press statement.
The dental chain, operated by Global Dental Services Ltd, plans to use the funds to fuel expansion plans, primarily spreading its commercial footprint. Additionally, it plans to grow its direct-to-consumer (D2C) hybrid model brand, LoveMySmile, which also offers products for smile correction.
“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, Clove Dental.
This is Investcorp’s fourth healthcare investment in India and its first in the dental industry in the country. The investment firm, recently announced that it was planning to ramp up investments in India.
Founded in 2011 by Singh, the dental chain group operates 340 clinics across 24 cities and 12 states in India under the brand. It currently has a team of 841 dentists and claims that its dental clinics provide full range of dental treatments in each of its locations. It also offers aligners and smile correction services through its brand LoveMySmile. The D2C brand provides dentist-led hybrid solutions at home and in-clinic.
“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.
Houlihan Lokey acted as a financial adviser and Khaitan & Co. acted as legal adviser to Global Dental Services.