Nobel Hygiene, a disposable hygiene player, has raised approximately ₹170 crore ($20 million) in a combination of primary & secondary from Neo Asset Management, the asset management arm of Neo Group.
The funds raised will be used to increase adult diaper market penetration, invest in its flagship brands and expand its distribution network across the country.
Founded in 2000 by Kamal Kumar Johari, Nobel Hygiene is a disposable hygiene care products manufacturer. Nobel Hygiene, with its flagship brand Friends, holds over 40% market share. It also manufactures baby diapers under the Teddyy brand, with an expanding presence across general trade outlets and E-commerce.
With ISO, WHO-GMP, and CE-certified facilities in Nashik and Baroda, the company operates a nationwide distribution network of over 1,000 dealers and exports to more than 20 countries.
The Mumbai-based company had previously raised $47.8 million from Access Asset Managers, Quadria Capital, Sixth Sense Ventures and others.
Kamal Johari, Managing Director & Promoter at Nobel Hygiene, said, “This investment by Neo Group is not just a capital infusion; it’s a reinforcement of our commitment to lead and grow the adult diaper category in India. With this support, we are ready to amplify our consumer outreach, reinforce our distribution channels, and further solidify the leadership of our core brands, Friends adult diapers and Teddyy baby diapers. We’re also excited about the strategic alignment and deep sectoral understanding that Mr. Nitin Agarwal brings back to the table.”
“We have great confidence in Kamal and his team, and we look forward to supporting them as they scale Nobel into one of India’s most respected and impactful personal hygiene companies. Their flagship brand, Friends, has not only set industry benchmarks but has also played a vital role in reducing the stigma associated with elder care. I am quite confident that together Neo and Nobel will be able to create great value for all stakeholders in the future,” remarked Nitin Agarwal, Head – Private Equity at Neo.
Hemant Daga, CEO – Neo Asset Management, said, “Supporting entrepreneurship in India is our mission, and we hope to foster growth and innovation in India by providing long-term capital to high-growth companies. In line with this vision, we are delighted to partner with Nobel Hygiene — a market leader in the adult diaper segment and a prominent homegrown brand in India’s rapidly expanding personal hygiene sector.”
Neo Asset Management, the investment arm of Neo Group, focuses on private equity, private credit, and real assets. Neo currently manages over ₹ 11,000 crore of alternative assets.
Neo Group’s private equity arm is led by Nitin Agarwal, an ex-Board member of Nobel Hygiene.
