Diageo India (USL) to acquire NAO Spirits

Nao Spirits is an emerging Indian craft spirits company, with award winning brands ’Greater Than’ and ’Hapusa’

Diageo India (United Spirits), announced taking a majority controlling stake in NAO Spirits at an Enterprise Value of Rs 130 crore ($15.2 million), resulting in NAO Spirits becoming a subsidiary of the company.

Nao Spirits is an emerging Indian craft spirits company, with award winning brands ’Greater Than’ and ’Hapusa’. Greater Than, India’s first craft gin, is made from nine botanicals from India and around the world and Hapusa is one of the few craft gins in the world made with foraged Himalayan Juniper and unique botanicals. Last year, the company launched an aged, spiced rum, PIPA crafted from jaggery spirit which is then matured in specially imported casks for a year.

Praveen Someshwar, MD and CEO, Diageo India (USL), said, “Ventures, Diageo India’s investment arm is dedicated to strengthening our portfolio by investing in disruptive alco-bev startups. This allows us to offer consumers a wider array of products that resonate with evolving preferences. The acquisition of NAO Spirits, a promising portfolio company within our Ventures arm, represents a pivotal step in exploring future growth opportunities in Indian craft spirits. We believe it is the right time to scale up NAO Spirits using Diageo’s expertise, unlocking new avenues for distribution and production.” 

Anand Virmani, Co-Founder & CEO, Nao Spirits and Beverages commented, “We are excited to be a part of the Diageo India (USL) family. As India’s first craft spirits brand, born in a small Goan distillery, this acquisition by Diageo India (USL) is a powerful validation of what we’ve always believed that India can create great craft spirits. The investment will help us scale further with the support of Diageo India’s seasoned leadership, distribution network and production capabilities combined with our unconventional mindset and ability to stay deeply relatable to the evolving consumer. Our DNA remains unchanged, and we’ll continue to be the pathbreakers. To every beverage innovator out there: it is possible and let’s keep building a stronger community for craft.”