The Mumbai-based hygiene products manufacturer, Nobel Hygiene Pvt Ltd has raised Rs 132 crore from existing investor Sixth Sense Ventures.
Sixth Sense Ventures is a domestic consumer-centric venture fund, which during this round of investment bought shares in an independent parallel transaction from other angel investors while PE investors CLSA Capital Partners, Access India fund and co-investors exited the investment.
This investment makes Noble Hygiene cumulatively Sixth Sense’s largest FMCG investment. Nobel Hygiene will use the funds to accelerate its growth towards becoming an absorption hygiene products giant.
Established by Founder Kamal Johari in 2000, Nobel Hygiene created the adult diaper category in India with its brand ‘Friends'.
Nobel Hygiene had also been the first to introduce absorbency products in the baby diaper category via its brands Teddyy, and Snuggy and in the sanitary pads category via RIO Pads. Nobel said it has leveraged its distribution network of Friends and product know-how to become the fourth largest player in the Indian baby diaper segment.
“Now that our factory expansion in Gujarat is complete, we are poised to manufacture more, better, and faster to meet increasing demands across the country. This, alongside the investment, will help us progress towards our goals in the coming years; making up for the COVID slump the industry experienced in the last few years. I trust this association will be highly beneficial for all the stakeholders of Nobel Hygiene,” said Kamal Johari, MD and CEO, Nobel Hygiene.
In June 2021, Nobel Hygiene secured Rs 450-500 crore in an investment round led by Quadria Capital, Asia’s leading healthcare-focused private equity firm.
The company has two manufacturing units in Nashik, Maharashtra, and Halol, Gujarat. Nobel has grown at a 23 percent CAGR in the last three years. The firm is on track to hit Rs 1000 crore in revenue at the close of this financial year.
Nobel Hygiene and Sixth Sense Ventures were represented, in the closing of this infusion, by legal partners Khaitan & Co and ICUL, respectively.
Nobel operates in the $2.5 billion absorbency category which is growing at 15 percent per annum.
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