Nao Spirits, the maker of Indian craft gin brands, has raised Rs 20 crore from United Spirits.
The New-Delhi-based company has passed a board resolution of allotment of 10 equity and 8094 CCPS at issue price of Rs 24769.31 per share to United Spirits amounts to Rs 20 crore.
As per the Entrackr’s estimate post money valuation of the company is around Rs 125 crore.
Founded by Anand Virmani, Aparajita Ninan and Abhinav Rajput, the startup has two gin brands under its umbrella: Greater Than and Hapusa. Nao Spirits sources its bottles, labels, and a few botanicals from abroad.
The price varies for both the gins from state to state, based on the differing tax and distribution structures.
Earlier in 2021, Nao Spirits had raised $5 million in its Series A round led by existing investors, family offices and a boutique venture capital firm.