Diageo India (United Spirits), has announced taking a majority controlling stake in Nao Spirits at an Enterprise Value of INR 130 crore. (USD 15.2 million), resulting in Nao Spirits becoming a subsidiary of the Company.

Launched in 2017 by Anand Virmani, with the dream of bringing an Indian botanical-infused gin to the world, Nao Spirits is an emerging Indian craft spirits company, with brands such as ’Greater Than’ and ’Hapusa’ under its wing. 

India’s craft gin segment has grown steadily in recent years, with several homegrown players entering the space. Among them, Nao Spirits has gained a strong foothold. 

There’s also been a rise in consumer interest in locally made products, especially those with a focus on provenance and ingredients. As drinking habits evolve, with more openness to experimentation and casual consumption - there’s growing demand for authentic, craft-led local brands. 

Nao Spirits taps into this shift, while Diageo India already has global gin labels like Tanqueray in its portfolio.

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. We are excited to welcome Anand into the Diageo family as he continues to lead the NAO Spirits business.” 

Anand Virmani, co-founder and CEO, Nao Spirits & Beverages, added, “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.”