Diageo India, which trades as United Spirits Ltd., has invested INR 31.5 crores (US$4.14 million) to buy a minority stake at Nao Spirits & Beverages Private Ltd., maker of premium Indian gin.
Nao Spirits CEO and co-founder Anand Virmani said Diageo’s investment will help scale its business, improve efficiencies, and access mentorship. At the close of the transaction, Diageo India will hold 22.5% of the company with a call option to purchase remaining shares on pre-agreed principles.
Launched in 2016 by Anand Virmani, Nao Spirits invented the first craft gin in India, Greater Than. Made with nine botanicals found in India and around the world, Greater Than is the only London dry gin from South Asia recognised by the Gin Guild in the United Kingdom.
Nao Spirits also offers the luxury gin Hapusa, which is made with foraged Himalayan Juniper and other native Indian botanicals, such as turmeric, Gondhoraj peel and raw mango.
“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,” said Diageo India CEO Hina Nagarajan, who recognised Nao Spirits as a “game-changer” in the craft gin category over the past three years.
According to an IWSR report, the premium gin segment in India has seen increasing demand as consumers shift to experimentation, repertoire, and casual drinking.
