Diageo India Acquires Majority Stake in Craft Spirits Maker NAO Spirits at INR 130 Cr Valuation
This strategic move will see NAO Spirits become a subsidiary of Diageo India, further solidifying the company's commitment to India's growing premium craft spirits segment.
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Diageo India (United Spirits Limited) has announced the acquisition of a controlling stake in NAO Spirits and Beverages at an enterprise value of INR 130 crore (approx. USD 15.2 million USD). This strategic move will see NAO Spirits become a subsidiary of Diageo India, further solidifying the company's commitment to India's growing premium craft spirits segment.
NAO Spirits, founded in 2017 by Anand Virmani, is the force behind acclaimed brands such as 'Greater Than', India's first London Dry Gin, and 'Hapusa', a Himalayan craft gin made with foraged juniper. The company expanded into the rum category in 2024 with the launch of 'PIPA', an aged, spiced Indian craft rum made from jaggery spirit.
Praveen Someshwar, MD and CEO of Diageo India, said, "Ventures, Diageo India's investment arm, is dedicated to strengthening our portfolio by investing in disruptive alco-bev startups. The acquisition of NAO Spirits 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."
NAO Spirits' founder, Anand Virmani, stated, "We are excited to be a part of the Diageo India family. This acquisition is a powerful validation of what we've always believed—that India can create great craft spirits. With Diageo's support, we can scale further while staying true to our identity and community. Our DNA remains unchanged, and we'll continue to be the pathbreakers."
Diageo India, a leading alcobev player, has a wide portfolio including iconic global and Indian brands such as Johnnie Walker, McDowell's No.1, and Godawan single malt. With this acquisition, the company aims to further strengthen its premium offerings and cater to the evolving preferences of modern Indian consumers.
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