Mumbai, May 15—Private equity firm Neo Asset Management has announced a $20 million (approximately ₹170 crore) investment in Nobel Hygiene, a leading Indian manufacturer of adult diapers. The investment will strengthen Nobel Hygiene’s distribution network, expand its market reach, and bolster its brand investments.
The deal includes a mix of fresh equity infusion and secondary share purchases, though the specific stake acquired by Neo was not disclosed.
Strategic Growth Backed by IPO Ambitions
Nobel Hygiene is actively working towards launching an initial public offering (IPO) and has earlier secured funding from Quadria Capital and Sixth Sense Ventures. This new investment by Neo Asset Management is expected to provide a significant boost to the company's strategic roadmap and market positioning.Flagship Brand ‘Friends’ Leading the Charge
Nitin Agarwal, Head of Private Equity at Neo, highlighted the success of Nobel’s flagship adult diaper brand, Friends, stating that it has “set industry benchmarks and played a crucial role in destigmatizing elder care.” He expressed confidence in the partnership, noting that Neo and Nobel Hygiene are poised to create substantial value for stakeholders.Focus on Market Leadership
Commenting on the investment, Kamal Johari, Promoter and Managing Director of Nobel Hygiene, said, “Neo Group's investment reinforces our commitment to leading and growing the adult diaper category in India.”About Neo Asset Management
Neo Asset Management oversees ₹11,000 crore in alternative assets, offering a diversified portfolio across private equity, private credit, and real assets. Its clientele includes ultra-high net-worth individuals, family offices, and institutional investors.The strategic collaboration between Neo and Nobel Hygiene is expected to accelerate growth and innovation in India’s evolving elder care and hygiene segment.