Nao Spirits & Beverages

What Nao Spirits & Beverages does

Nao Spirits & Beverages is a Goa, India-based craft spirits manufacturer founded in 2017, producing premium craft gin as its core business. The company launched India's first craft gin, Greater Than, followed by a second brand, Hapusa, both built around distinctive Indian botanicals including gondhoraj lime, tulsi, basil, cardamom, and Himalayan juniper blended with traditional gin components. Nao currently operates in 15 countries, with exports contributing 8-12% of revenue, and commands a 20-22% share of India's nascent craft gin segment. The company employs 11-50 staff and distributes through state-level liquor channels in India plus international export distributors.

The business model is built on wholesale craft spirits sales through licensed distribution. Revenue flows from one-time unit sales of Greater Than and Hapusa to state excise boards, retail outlets, and international distributors. The target customer segment is premium craft gin consumers, mixology enthusiasts, and craft cocktail culture participants, primarily in India and secondarily across 15 international markets. The company addressed a clear gap in the Indian market: the prior absence of premium craft gin options incorporating Indian-origin botanicals.

In March 2022, United Spirits (a Diageo India subsidiary) invested Rs 31.50 crore for a 22.50% stake. Diageo India then acquired a majority stake in June 2025 for Rs 130 crore, followed shortly by United Spirits acquiring full ownership for approximately Rs 110 crore, making Nao a wholly owned subsidiary. The integration provides access to United Spirits' domestic Indian distribution infrastructure and Diageo's global export channels. Diageo India has also positioned Nao as an anchor brand within The Good Craft Co. (TGCC), a 19,500 sq ft craft spirits innovation and experience centre in Bengaluru, alongside an 11-acre craft spirits destination under development in Ponda, Goa.

Name

Nao Spirits & Beverages

Legal name

Nao Spirits & Beverages Pvt. Ltd.

Website

https://www.naospirits.com/#home

Company type

Private

Founded year

2016

Operating status

Acquired

Headcount range

11–50 employees

Short description

Nao Spirits & Beverages is a Goa-based craft gin manufacturer founded in 2017, producing India's first craft gin (Greater Than) and Hapusa using Indian botanicals. It serves premium gin consumers across 15 countries and is a wholly owned subsidiary of United Spirits/Diageo India.

Ownership category

akta.pro rank

Product category

Craft Spirits

NAICS

Distilleries (312140), Beverage Manufacturing (3121), Wine and Distilled Alcoholic Beverage Merchant Wholesalers (42482)

SIC

Beverages (2080), Wholesale-Beer, Wine & Distilled Alcoholic Beverages (5180)

akta.pro primary industry

Spirits Distilling & Brands (CRADAIAC)

akta.pro secondary industries

Beer, Wine & Spirits Wholesale Distribution (CRAOAIAA), Spirits Distillery Tours & Tastings (Whiskey, Rum, Gin, Vodka) (THAJAGAF), Premium, Rare & Collectible Alcohol Retail (Fine Wine/Spirits) (CRANAAAJ)

Keywords

• Craft gin production
• Premium spirits manufacturing
• Indian botanical gin
• Craft distillery India
• London Dry gin

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Craft Spirits Sales: Sale of craft gin products including Greater Than and Hapusa brands through domestic Indian distribution and international exports, with exports contributing 8-12% of revenue. Revenue is generated through wholesale distribution to state excise boards and retail outlets across India.

Go-to-market motion1 record

Distribution channels2 records

Core offering

Nao Spirits & Beverages is a craft spirits manufacturer based in Goa, India, that produces and sells premium craft gins. Its portfolio centers on two flagship brands: 'Greater Than' (India's first craft gin, London Dry style) and 'Hapusa' (a craft gin featuring Himalayan juniper and Indian botanicals). Both brands are formulated with indigenous Indian botanicals including gondhoraj lime, tulsi, basil, and cardamom, and are distributed across India and 15 international markets.

Product overview

Nao Spirits & Beverages is a Goa-based craft spirits company founded in 2017, producing premium craft gins. The company operates a platform-plus-products architecture centered around two primary gin brands: Greater Than (India's first craft gin) and Hapusa. Both products are distributed across 15 countries, commanding a 20-22% domestic market share in India's craft gin segment. The company became a wholly owned subsidiary of United Spirits (Diageo) following acquisitions in 2022 and 2025.

Differentiator

Problem solved

Functional benefit

Brands

• Greater Than: India's first craft gin
• Hapusa

Products and services

• Greater Than India's first craft gin, produced in London Dry gin style with a blend of international and Indian botanicals including gondhoraj lime, tulsi, basil, and cardamom. Sold to consumers through state excise board channels and licensed retail outlets across India, as well as through export distribution in 15 international markets.
• Hapusa A craft gin brand from Nao Spirits featuring Indian botanicals including Himalayan juniper, targeting premium craft gin consumers in India and international markets. Distributed alongside Greater Than through the same domestic and export channels.

Quantifiable outcome

• 20-22% domestic market share in India's craft gin segment
• +1 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Diageo India (The Good Craft Co.)coreStrategic or Co-development Partner · 31 May 2026Diageo India established The Good Craft Co. (TGCC), a 19,500 sq ft innovation and experience centre in Bengaluru, designed to educate consumers and incubate startups in India's craft spirits ecosystem. Diageo acquired Nao Spirits after initially engaging through investment and support, and is building a dedicated Good Craft Co. experience centre as part of an 11-acre destination in Ponda, Goa.

Scale indicators6 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Sipsmith: Sipsmith is a London-based craft gin distiller founded in 2009 and now owned by Beam Suntory. It is a direct peer to Nao Spirits: a craft gin producer that grew from a single brand into an international craft portfolio, exemplifying the founder-led, premium-positioned craft gin model Nao aspires to scale in India and abroad.
• Monkey 47: Monkey 47 is a German craft gin known for 47 botanicals and a distinctive regional provenance story, owned by Pernod Ricard. It is comparable to Nao for its craft positioning, local terroir-led botanical story, and international premium gin distribution, mirroring the playbook Nao is pursuing with Indian botanicals.
• Hendrick's Gin: Hendrick's is a William Grant & Sons premium craft gin marketed on its unusual botanical profile (cucumber, rose, caraway) and apothecary-style branding. It is directly comparable to Nao for its premium/craft positioning, distinctive botanical story, and global on-premise presence, representing the type of differentiated craft gin brand Nao competes with in international markets.
• Stranger & Sons: Stranger & Sons is an Indian craft gin producer (also based in Goa) launched in 2018 by Third Eye Distillery. It is the closest direct domestic peer to Nao, competing for the same premium craft gin shelf, bartender relationships, and on-premise accounts within India's craft gin segment where Nao holds 20-22% share.
• Radico Khaitan: Radico Khaitan is one of India's largest spirits manufacturers (Rampur, Magic Moments, 8PM), and has recently extended into craft and premium white spirits including gin. It is a direct peer to Nao in Indian spirits manufacturing, sharing exposure to the same state-level distribution and consumer base, but with a much larger brand portfolio and scale.
• Piccadily Agro (Indri): Piccadily Agro is an Indian sugar and spirits company that launched Indri, a single malt whisky, and has been expanding into craft gin. It is a direct Indian craft spirits peer to Nao, competing in the same premium-on-premise and craft-segment white spirits category that Nao established with Greater Than.

Broad incumbents

• Bombay Sapphire: Bombay Sapphire is Bacardi's flagship premium gin and one of the largest global gin brands. It is a broad incumbent comparable to Nao as a gin brand competing for the same premium on-premise and retail accounts; while it is mass-premium rather than craft, it defines the price tier and consumer occasion Nao targets with Greater Than and Hapusa.
• Tanqueray: Tanqueray is a Diageo-owned global premium gin brand and the #2 international gin by volume. It is a relevant broad incumbent because Diageo's gin strategy now includes both Tanqueray and Nao's craft brands, and Tanqueray's on-premise and trade scale in India represents both an enabler (shared distribution) and a competitive ceiling for Greater Than.
• Beefeater: Beefeater is a Pernod Ricard-owned London Dry gin and one of the top-selling international gin brands. It is a broad incumbent peer to Nao for the same premium and on-premise gin occasion, and Pernod's parallel India distribution network shapes the competitive context in which Nao's craft brands grow share.
• Jin Jiji (Bacardi): Jin Jiji is Bacardi's India-launch of a craft-style gin, and represents a major multinational entrant into the Indian craft gin segment Nao pioneered. It is a broad incumbent peer because it uses Bacardi's distribution muscle to compete for the same on-premise craft gin accounts and consumer occasions, increasing competitive pressure on Nao's domestic share.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nao Spirits & Beverages