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Craft gin brand Nao Spirits raises Rs. 20-Cr from United Spirits

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​​New-Delhi-based Nao Spirits, maker of craft gin brands, has raised INR 20 crore from United Spirits. The company would allot 10 equity and 8094 CCPS (Compulsorily Convertible Preference Shares) at issue price of INR 24769.31 per share to United Spirits. The post-money valuation of the company is around INR 125 crore. The startup has two gin brands under its umbrella: Greater Than and Hapusa. Earlier in 2021, Nao Spirits had raised USD 5 million in its Series A round led by existing investors, family offices and a boutique venture capital firm.