Subscribe to enjoy similar stories. Bengaluru: Nobel Hygiene, a maker of diapers, maternity pads and other such products, is in talks to raise ₹150-200 crore in a funding round led by the investment arm of Neo Asset Management, three people familiar with the matter told Mint. The company plans to use the funds for expansion, one of them said, without providing more details on the valuation.
While the money will come mainly from new investors, existing investors are also likely to participate in the funding round, this person added. Nobel Hygiene previously raised $16.6 million in its series B funding round in 2022 from Sixth Sense Ventures, CLSA Capital Partners and Access Asset Managers at a valuation of $261.5 million. The company also counts Quadria Capital among its investors, according to data from market intelligence provider Tracxn.
Nobel Hygiene’s founder Kamal Johari and Neo declined to Mint’s requests for comment. Neo Group, launched by former Edelweiss Financial Services chief executive Nitin Jain in 2022, has four business verticals: Neo World, Neo Asset Management, Neo Multi-Family Office, and Neo Leaf. Last year, the asset management and financial advisory platform roped in former TPG NewQuest executive Nitin Agarwal to head its private equity practice.
Mumbai-based Nobel Hygiene, founded in 2000, makes adult diapers, maternity pads, adult pull-ups, under-pads, nappy pads, and baby diapers. It markets its baby diapers under the Teddyy and Snuggy brands and its adult incontinence products under the Friends brand. Also read | Why q-commerce is driving more new-age brands to tap alternative financiers Nobel Hygiene has an estimated market share of 40% in India’s diaper sector, according to Tracxn.
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