Nobel Hygiene raise Rs 170 crore from Neo Asset Management

Nobel Hygiene

Nobel Hygiene has raised around Rs 170 crore ($20 million) from Neo Asset Management, the disposable personal hygiene company said in a statement on May 16.

The investment, a mix of primary and secondary infusion, will fuel Nobel Hygiene's growth and market expansion, as the company eyes an initial public offering.

The funds will be used to increase penetration in the adult diaper market, invest in flagship brands such as Friends adult diapers and Teddyy baby diapers and broaden its distribution network in the country.

The company has already made significant investments in manufacturing capabilities and in building a high-quality leadership team, supported by earlier funding rounds from Quadria Capital and Sixth Sense Ventures, it said.

Nobel Hygiene managing director and promoter Kamal Johari said the investment reinforces the company's commitment to leading the adult diaper category in India.

Nobel Hygiene operates two manufacturing facilities, in Nasik and Baroda, holding ISO, WHO-GMP, and CE certifications. The company has a network of more than 1,000 dealers and distributors and a significant e-commerce presence. It also exports to more than 20 countries.

Neo Asset Management, the investment arm of Neo Group, focuses on private equity, private credit, and real assets. Neo currently manages over Rs 11,000 crore of alternative assets.

Neo Group’s private equity arm is led by Nitin Agarwal, an ex-Board member of Nobel Hygiene.