May 16, 2025: Nobel Hygiene, a large disposable diaper manufacturer draws the roadmap for its next phase of growth, and to fuel this plan it has secured ₹170 crore (around $20 million) in fresh capital to strengthen its operations and deepen its reach in India’s fast-growing adult diaper segment. The funding comes as the company prepares for its much-anticipated initial public offering (IPO).
The capital will be used to expand Nobel Hygiene’s distribution network, improve manufacturing efficiency, and further establish its leadership in the adult incontinence care category. The company is also looking to enhance market penetration for its flagship brands, Friends adult diapers and Teddyy baby diapers.
This fundraise isn’t just about adding capital — it’s about sharpening focus. Nobel Hygiene’s Managing Director, Kamal Johari, said the investment will allow the company to scale its presence across India and continue investing in consumer outreach.
“With this support, we are ready to reinforce our distribution, solidify our leadership in the adult diaper space, and continue building on the trust we’ve earned through our core brands,” Johari said. “We also value the strategic insight that comes from long-standing partners who understand the hygiene space deeply.”
The investment round was led by Neo Asset Management, the private investment arm of Neo Group. It marks the return of Nitin Agarwal, now heading Neo’s private equity team, to Nobel Hygiene’s boardroom. Agarwal had previously been a board member at the company and brings industry-specific experience to the table.
Neo Asset Management’s CEO, Hemant Daga, said their goal is to support long-term business building. “We are proud to support a homegrown leader in India’s hygiene sector and help drive innovation and accessibility in this essential space.”
Nobel Hygiene: A Strong Foundation, Poised for Public Markets
Founded in 2000, Nobel Hygiene has grown into a leader in India’s disposable hygiene segment. Its Friends brand commands over 40% market share in the adult diaper space, while its baby diaper line under the Teddyy brand continues to grow.
With manufacturing facilities in Nashik and Baroda certified by ISO, WHO-GMP, and CE standards, the company operates a network of more than 1,000 dealers and exports to over 20 countries. The latest investment is expected to further build on this solid foundation as Nobel Hygiene moves closer to its IPO.
