India: Diageo to acquire Nao Spirits in $15 million deal

Diageo India (USL), a subsidiary of Diageo operating in India, has announced the acquisition of a majority stake in Nao Spirits, an Indian craft distiller, for 130 crore INR ($15.2 million).

Founded in 2017, Nao Spirits makes premium Indian spirits using native botanicals. Its range includes Greater Than, India’s first craft gin, and Hapusa, made with Himalayan juniper. In 2024, it launched the spiced aged rum PIPA in India and overseas markets.

Commenting on the move, Diageo India (USL) MD and CEO Praveen Someshwar 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”, he aded.

Nao Spirits & Beverages co-founder & CEO Anand Virmani said: “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”.

Source: Diageo