- Marks a Landmark Deal in India’s Disposable Personal Hygiene Sector
Mumbai, 17 May 2025: Nobel Hygiene, largest Indian disposable hygiene player, has successfully raised approximately ₹170 crore (USD 20 mn) from Neo Asset Management, the asset management arm of Neo Group. This investment poises Nobel Hygiene for its next phase of growth as it steers towards its IPO, marking a significant milestone in the disposable hygiene segment.
With this funding round, which is a combination of primary & secondary infusion, Nobel Hygiene plans to further fortify its leadership position in the market, by increasing the adult diaper market penetration, investing in its flagship brands and expanding its distribution network across 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.
Commenting on the development, 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.”
One of India’s fastest-growing alternative asset managers, Neo Asset Management currently manages over INR 11,000 Cr of alternative assets, offering investment solutions across Private Equity, Private Credit and Real Assets to the UHNIs, Family Offices and Institutions. Neo Group’s private equity arm is led by Mr. Nitin Agarwal, an ex-Board member of Nobel Hygiene. His return to the cap-table marks a strong vote of confidence in the company’s growth potential and leadership.
“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.
With this round, Neo becomes the third institutional investor alongside Quadria Capital and Sixth Sense Ventures, further reinforcing investor belief in Nobel Hygiene’s long-term vision.
Nobel Hygiene is a pioneer and market leader in the adult diaper category in India, with a legacy of over 25 years. The company has consistently shaped the disposable hygiene segment with its flagship brands Friends (adult diapers) – which commands over 40% market share; and Teddyy (baby diapers) – which continues to remain the largest Indian baby diaper brand, with an expanding presence across general trade outlets and E-commerce.
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.”
The Indian disposable hygiene sector is undergoing rapid transformation, driven by rising awareness, improving income levels, and increased focus on health and hygiene. While the baby diaper segment has matured significantly, adult incontinence products are emerging as a high-growth opportunity. With an aging population, increased healthcare access, and awareness about adult incontinence, demand for adult diapers is poised to rise sharply in both urban and semi-urban India. The adult diaper market in India is experiencing exponential growth and is expected to become a $1 billion category by 2030, growing at a 25% CAGR.
About Nobel Hygiene Pvt. Ltd.
Founded in 2000, Nobel Hygiene is India’s oldest and largest disposable hygiene products manufacturer, with a legacy spanning over 25 years. The company is best known for pioneering the adult diaper category in India with its flagship brand, Friends adult diapers, which remains the market leader. Nobel Hygiene also owns Teddyy baby diapers, recognised as the largest Indian baby diaper brands. With two state-of-the-art manufacturing facilities in Nasik and Baroda, Nobel Hygiene operates under the highest quality and safety standards, being ISO, WHO-GMP, and CE certified. Nobel Hygiene operates PAN-India with a strong network of 1000+ dealers and distributors, and has built a commanding presence on E-commerce. They also export to over 20 countries across the globe. The company has consistently led the charge in breaking taboos around incontinence and raising awareness about hygiene and dignity for all age groups. For more information, visit: www.nobelhygiene.com
About Neo Asset Management
Neo Asset Management, the asset management arm of Neo Group, embarks on a journey through private markets, with a keen focus on Private Equity, Private Credit and Real Assets, aiming to cultivate India’s preferred Alternatives Asset Management platform. It embraces India’s boundless potential in the alternatives space with unwavering conviction, carefully weaving its own yield curve across thoughtfully curated strategies. It is focused on providing bespoke capital solutions that nurture company growth while producing attractive, best-in class, long term superior risk adjusted returns for investors. The team includes 45 professionals, with over 20 investment specialists averaging two decades of experience.
