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Nobel Hygiene, the Mumbai-based maker of disposable hygiene products, has secured Rs 170 crore (about $20 million) in funding from Neo Asset Management, the investment arm of Neo Group.
The funding round comprises a mix of primary and secondary capital and will be used to deepen the company’s reach in India’s fast-growing adult diaper market, bolster its distribution network, and support brand-building efforts ahead of a proposed initial public offering (IPO).
“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,” said Kamal Johari, Managing Director and Promoter at Nobel Hygiene.
“With this support, we are ready to amplify our consumer outreach, reinforce our distribution channels, and further solidify the leadership of our core brands.”
What does Nobel Hygiene do?
Founded in 2000 by Kamal Kumar Johari, Nobel Hygiene has emerged as one of India’s few homegrown disposable hygiene companies. Its flagship brand Friends has become a market leader in the adult diaper segment, a category the company helped pioneer by challenging taboos around incontinence and promoting awareness around elder hygiene and dignity. The firm also manufactures baby diapers under the brand Teddyy and sanitary napkins under RIO Pads.
Operating with two manufacturing units in Nasik and Baroda, the company maintains a pan-India distribution footprint of over 1,000 dealers and distributors and exports to over 20 countries.
Hemant Daga, CEO of Neo Asset Management, described the investment as a bet on a fast-scaling domestic brand with strong fundamentals.
“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,” Daga said.
IPO on the horizon
The funding round is part of Nobel Hygiene’s larger strategy to prepare for a public listing. The capital will not only strengthen its position in the adult diaper space—projected to be a $1 billion market in India by 2030 with a compound annual growth rate of 25%—but also enhance its capabilities in marketing, consumer engagement, and product innovation.
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