The round in New Delhi-based Nao Spirits has been led by existing investors, family offices, and a boutique venture capital firm, it said in a statement. The startup did not disclose the identities of these backers.
With this fundraise, Nao Spirits say it has raised $5 million since its inception in 2015.
The company was set up by Aparajita Ninan, who serves as its creative head, and Anand Virmani, its chief executive officer. Abhinav Rajput is the chief operating officer.
Brands the company operates include craft gin Greater Than London Dry and Hapusa Himalayan Dry. These products maintain a presence in eight locations across the country and are exported to 14 markets.
Nao Spirits will use the funds raised in this Series A round as working capital to help the brand’s expansion to states including Rajasthan, Haryana, Assam, and Arunachal Pradesh. It will also use this capital for amplifying marketing efforts and strengthening its team.
“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,” Rajput said.
The company says it recorded a turnover of $450,000 and $1.2 million for the 2018-19 and 2019-20 financial years. It is projecting a turnover of $3 million for the ongoing fiscal.