NAO Spirits and Beverages Raises $2 Mn In A Series A Round From Existing Investors The funds will be used to provide a working capital boost to help the brand expand to states such as Rajasthan, Haryana, Assam, Arunachal Pradesh, and Meghalaya along with new export markets
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New Delhi-based spirits company with a portfolio of quality indigenous gin brands, NAO Spirits and Beverages, on Monday announced to have raised $2 million in a Series A funding round led by existing investors, family offices, and a venture capital firm. With this, the company has now raised a total of $5 million since its inception in 2015.
The new infusion of funds is expected to provide a working capital boost to help the brands expand to new states such as Rajasthan, Haryana, Assam, Arunachal Pradesh, and Meghalaya along with new export markets. In addition, the management of the company hopes to inject further excitement in the brands as well as the category as a whole through its amplified marketing efforts and strengthening of its team.
"We have been absolutely privileged to enjoy the continued support of the food and beverage (F&B) community and consumers alike as they have propelled us along these past few years. 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. We are extremely excited to now be able to step into a new chapter with the wind in our sails as we look to realize the true potential of gin in India and from India," shared Anand Virmani, co-founder, and chief executive officer, NAO Spirits and Beverages.
The company launched its first brand and India's first craft gin, Greater Than London Dry, in 2017 followed closely by a contemporary sipping gin, Hapusa Himalayan Dry, in 2018. The platform maintains that together, these brands have been spearheading the resurgence of the premium gin category in India.
These gins can already be found in 8 different cities across the country, namely Goa, Mumbai, Pune, Delhi, Bangalore, Hyderabad, Kolkata, and Nagpur, alongside 14 export countries.
"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 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," added Abhinav Rajput, chief operating officer, NAO Spirits and Beverages.
In FY19, the company clocked a turnover of $450,000, FY20 witnessed a turnover of $1.2 million and the projected turnover for FY21 is $3 million.
