Mumbai-based diaper maker Noble Hygiene Pvt. Ltd Pvt. Ltd bagged $17 million in a Series C funding round from previous investor Sixth Sense Ventures.
The company intends to use its new funds to accelerate its growth trajectory and expand its manufacturing segment.
With this development, Nobel Hygiene claims to have become Sixth Sense’s largest investment in the fast-moving consumer goods (FMCG) segment. The latest fundraise is the largest tranche of its primary investment so far, the company added.
Nobel’s latest fundraise comes over one year after it raised around $12 million in funding led by Quadria Capital. The round also saw Sixth Sense Ventures buy shares in an independent parallel transaction from other angel investors. However, private equity investors, CLSA Capital Partners, Access India Fund and co-investors exited the investment.
Furthermore, in 2015, CLSA Capital Partners invested $10 million in Nobel Hygiene, whereas in 2013, Access co-invested with other individual investors in a deal worth around $11.5 million in the company.
Founded in 2000, the company manufactures maternity pads, adult pull-ups, underpads, nappy pads, and baby diapers. It rolls out its baby diapers under the Teddyy and Snuggy brands, while adult incontinence products are sold under the Friends brand.
"Now that our factory expansion in Gujarat is complete, we are poised to manufacture more, better, and faster to meet increasing demand 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," said Kamal Johari, managing director and chief executive officer at Nobel Hygiene.
Moreover, Nikhil Vora, founder & CEO of Sixth Sense Ventures, said, "Nobel fits perfectly well into the Sixth Sense thesis of betting on first-generation founders. We have been big believers in this category, one of the few consumer categories that ensures high frequency, brand loyalty along with a long consumer lifecycle. "
Nikhil Vora, former managing director and co-head of research at IDFC Securities, founded Sixth Senses in 2014. He was also one of the early investors in Paytm's One97 Communications Ltd . He exited and walked away with a 75-fold gain on the investment by selling his stake to Alibaba, the Chinese e-commerce giant.
In July, Vora invested in travel accessories brand Uppercase (erstwhile Acefour). Its investments in Veeba Foods, Soothe Healthcare (Paree), LEAP India, Fullife, and Eupheus Learning are some examples of the firm’s successful moves over the years.
BW Communities is an array of business news websites targeted towards niche communities and readers across various industries
© Copyright BW BWDISRUPT. 2015. All Rights Reserved.