[Funding alert] NAO Spirits and Beverages raises $2M from existing investors
Goa-based Nao Spirits & Beverages announced on Monday, January 11, that it has raised $2 million in its series A round of investment. The fund was led by existing investors, family offices and a boutique VC firm.
The alco-bev brand which houses craft gin brand Greater Than London Dry, and contemporary sipping gin, Hapusa Himalayan Dry, has raised a total of $5 million since inception.
Co-founder and CEO Anand Virmani said:
"It has 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."
The freshly raised funds will provide a working capital boost to Nao Spirts & Beverages, and enable the brand to expand to states including Rajasthan, Haryana, Assam, Arunachal Pradesh and Meghalaya along with new export markets. Additionally, the startup plans to indulge in marketing efforts and strengthening its team.
Nao Spirts & Beverages was founded by Anand and his wife Aparajita Ninan in 2016. While the brand procures its bottles, labels, and a few botanicals from abroad, its botanicals and neutral wheat spirit are procured from various parts of the country, and distilled in Goa.
The startup clocked a turnover of $4,50,000 in FY19, and $1.2 million for FY20. Nao Spirits & Beverages is projected to generate $3 million in FY21.
Chief Operating Officer Abhinav Rajput said, "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 pandemic certainly played its part in impacting the economy, but we continue to look upwards on our growth plans over the next three to five years. The current fundraise has come in at a great time as we unlock our next phase of growth by further strengthening and streamlining our operations and supply chain, growing our team and expanding our footprint in India and the overseas markets."
Greater Than and Hapusa are available in eight Indian cities including Goa, Mumbai, Pune, Delhi, Bengaluru, Hyderabad, Kolkata and Nagpur. It is also exported to 14 countries.
Edited by Anju Narayanan