- January 11, 2021 / 9 min readThe new infusion of funds is expected to provide a working capital boost to help the brands expand to new states like Rajasthan, Haryana, Assam, Arunachal Pradesh and Meghalaya along with new export markets.
Homegrown spirits brand Nao Spirits and Beverages has raised USD 2 million as a Series A investment led by existing investors, family offices and a boutique VC firm.
With this, Nao Spirits has now raised a total of USD 5 million since inception.
“We have been absolutely privileged to enjoy the continued support of the F&B community and consumers alike as they have propelled us along these past few years. It has further been heartening to receive a very tangible vote of confidence from our new and existing investors who have got behind us in this time which has proven to be challenging for most,” said Anand Virmani, Co-Founder & CEO, NAO Spirits and Beverages.
Founded in 2015, Nao Spirits launched its first brand and India’s first craft Gin, Greater Than London Dry, in 2017 followed closely by a contemporary sipping Gin, Hapusa Himalayan Dry, in 2018. Together, these brands have been spearheading the resurgence of the premium Gin category in India. These Gins are already found in 8 different cities across the country, namely Goa, Mumbai, Pune, Delhi, Bangalore, Hyderabad, Kolkata and Nagpur, alongside 14 export countries.
The new infusion of funds is expected to provide a working capital boost to help the brands expand to new states like Rajasthan, Haryana, Assam, Arunachal Pradesh and Meghalaya along with new export markets.
In addition, the management of the company hopes to inject further excitement in the brands as well as the category as a whole through its amplified marketing efforts and strengthening of its team.
In FY19 it clocked a turnover of USD 450,000, FY20 witnessed a turnover of USD 1.2 million and the projected turnover for FY21 is USD 3 million.
“The last 24 months have been very positive for the business as we've been able to drive serious volumes across all our markets. The current fund raise has come in at a great time as we unlock our next phase of growth by further strengthening and streamlining our operations & supply chain, growing our team and expanding our footprint in India and the overseas markets,” added Abhinav Rajput, Chief Operating Officer at NAO Spirits and Beverages.
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