Nao Spirits and Beverages raises 2 million USD

Goa-based Nao Spirits and Beverages, which is projected as the country’s first craft gin maker, has raised 2 million USD as a Series A funding, which is led by existing investors, family offices and a boutique VC firm. The company is known for its craft gins Greater Than and Hapusa.

The fresh flow of funds will be channelised for expansion of Nao Spirits and Beverages to Rajasthan, Haryana, Assam, Arunachal Pradesh and Meghalaya along with new export markets. The company’s management also intends to increase marketing spend and strengthen its team. The five-year-old company has raised 5 million USD till now.

During FY20, the company achieved a turnover of 1.2 million USD and it aims for a turnover 3 million USD for FY21.