United Spirits (‘Diageo India’) has announced an investment of INR 31.5 crores ($4.12 million approx.) to acquire a 22.5% stake in Nao Spirits & Beverages.
Launched in 2016, craft gin company Nao Spirits is based in Delhi, India, and makes the brands Greater Than and Hapusa.
Greater Than is made from nine botanicals from around the world, while Hapusa is made with foraged Himalayan Juniper and botanicals native to India, such as turmeric and raw mango.
With the acquisition, Diageo India aims to strengthen its position in the “fast-growing” premium gin segment in India.
Hina Nagarajan, MD and CEO, Diageo India, commented: “As a company built from founder-led brands, we are excited to make our first move in India to support bold and path-breaking entrepreneurs. Over the last three years, the Indian market has witnessed the emergence of multiple craft gin players and Nao Spirits has been a game changer in the category.”
Anand Virmani, co-founder and CEO of Nao Spirits, said: “As we look to chart the next phase of growth of Nao Spirits, the investment from Diageo India will help us scale our business, improve efficiencies and access mentorship from an industry leader, which will be immensely valuable”.
The deal includes a call option to acquire the remaining shares in Nao Spirits.
© FoodBev Media Ltd 2022
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