Bangalore: Diageo India (United Spirits Limited) has announced the acquisition of a majority controlling stake in NAO Spirits, an Indian craft spirits company known for its premium gin brands ‘Greater Than’ and ‘Hapusa’. The deal, valued at an enterprise value of ₹130 crore (USD 15.2 million), will make NAO Spirits a subsidiary of Diageo India.
Founded in 2017 by Anand Virmani, NAO Spirits brought India’s first craft gin to market with Greater Than—a bold expression made using nine botanicals sourced from India and across the world. Its sister brand Hapusa is globally recognised for its use of foraged Himalayan Juniper and indigenous botanicals, making it one of the few craft gins of its kind. Recently, the company also launched PIPA, an aged and spiced rum made from jaggery spirit matured in imported casks, reflecting their commitment to innovation within the craft spirits space.
Praveen Someshwar, MD and CEO, Diageo India, 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. We believe it is the right time to scale up NAO Spirits using Diageo’s expertise, unlocking new avenues for distribution and production. We are excited to welcome Anand into the Diageo family as he continues to lead the NAO Spirits business.”
The acquisition comes at a time when India’s craft gin segment is rapidly expanding, driven by shifting consumer preferences toward experimentation, local provenance, and casual premium drinking occasions. There is also increasing pride in Made in India spirits, and NAO Spirits has emerged as a leader in this niche, combining authentic sourcing with globally appealing quality.
NAO Spirits joins Diageo India’s growing portfolio which already includes international gin icons like Tanqueray. This move strengthens Diageo’s local footprint and aligns with its long-term vision of curating a diverse range of offerings catering to India’s evolving premium spirits market.
Anand Virmani, Co-Founder & CEO, NAO Spirits & Beverages, said, “We are excited to be a part of the Diageo India (USL) family. As India’s first craft spirits brand, born in a small Goan distillery, this acquisition by Diageo India (USL) is a powerful validation of what we’ve always believed—that India can create great craft spirits. 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. To every beverage innovator out there: it is possible and let’s keep building a stronger community for craft.”
