Nao Spirits and Beverages raises $2 million led by existing investors

Nao Spirits and Beverages on Monday said it has raised $2 million (around Rs 15 crore) in a funding round led by existing investors, family offices and a boutique VC firm

Nao Spirits and Beverages on Monday said it has raised USD 2 million (around Rs 15 crore) in a funding round led by existing investors, family offices and a boutique VC firm.

The company which is into premium craft gin space has now raised a total of USD 5 million (over Rs 35 crore) since inception in 2015.

The company however did not disclose the investors of this funding round.

The fresh Series A investment is expected to be utilized for expanding to new markets in India in states like Rajasthan, Haryana, Assam, Arunachal Pradesh and Meghalaya along with new export markets, the company said in a statement.

Besides, it will also be used for brand promotion and marketing efforts, it added.

"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," Nao Spirits and Beverages Co-Founder & CEO Anand Virmani, said.

The company will now be able to step into a new chapter as it looks to realise the true potential of Gin in India and from India, he added.

Nao Spirits and Beverages Chief Operating Officer Abhinav Rajput said in the last 24 months, the company has been able to drive "serious volumes across all our markets".

Although the pandemic certainly played its part in impacting the economy, he said, "we continue to look upwards on our growth plans over the next 3-5 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.