Indian brand Nao Spirits, the makers of Greater Than and Hapusa gin, acquired by Diageo
Homegrown spirit brand Nao Spirits are the makers of Indian craft gins such as Greater Than and Hapusa. Launched in 2017 by Anand Virmani, Aparajita Ninan and Vaibhav Singh, and later joined by Abhinav Rajput, the brand led the way for the craft gin revolution in the country. Nao was recently acquired by Diageo India (United Spirits Limited), in a ₹130 crore deal.
Nao takes its name from the word for 'boat' in Portuguese and Indian languages. 'When we began, the gin market was non-existent in India. Back in 2016, we were running Perch Wine and Coffee Bar (New Delhi), and one of the things which took us by surprise was the number people coming in requesting for a gin and tonic. That insight led us to look behind the bar and ask a simple question: do we have a quality Indian gin to serve? The answer, at the time, was no,' says Anand. The distillery in Goa launched Greater Than, India's first London Dry gin made with botanicals in 2017. 2018 saw the launch of Hapusa, a Himalayan Dry Gin aimed at the premium sipping gin market.
Over the years, the brand has released many special edition bottles, and spirits using ingredients such as Kashmir willow wood from broken cricket bats and Mahabaleshwar strawberries. Today the gin market in India has grown exponentially. It has gone from 12,000-case number to 5,00,000 cases in the last calendar year, and that number is just going up.
Speaking of the acquisition and the new chapter of the brand, Anand explains, 'Our DNA remains unchanged. We will continue to be the pathbreakers, building a brave company from modern India that's redefining quality spirits, one label at a time. We will still be powered by the same people, the same purpose, and the same belief that has shaped Nao Spirits.'
The brand does not have any new launches lined up for the near future under the Diageo umbrella. Anand says it is business as usual as they gear up for the Foragers Championship, a cross-continental cocktail competition and the latest edition of Greater Than Bar Wars in India
'We have always looked at acquisitions in India being for large companies, such as Diageo with United Spirits and the like. For us as an independent craft spirits company to have the opportunity to experience this, is totally out of the realm of imagination. We are very excited about what this partnership is possibly going to bring to us. And at the same time, we are very keen to hold on to the little bits that that have made this journey so special for us so far,' he concludes.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
AI shift: India's IT majors embrace integration over invention, upskill workforce as global market booms
AI image Indian IT giants are reorienting their business models around artificial intelligence, shedding traditional digital transformation narratives in favour of AI-native strategies focused on high-margin applications and integration — not foundational AI research. A review of FY25 annual reports of Tata Consultancy Services (TCS), Infosys , Wipro and Tech Mahindra reveals a clear pattern: India's top tech firms are positioning themselves as leading AI integrators, rather than developers of core generative AI models, according to PTI. This pivot comes amid rising global demand for enterprise AI solutions, projected to help push the worldwide AI market to an estimated $1.3 trillion within the next decade. TCS's annual report is themed 'The Perpetually Adaptive Enterprise,' built around an 'AI-First approach.' Infosys's strategy is more direct, under the theme 'AI Your Enterprise,' while Wipro underscores its enabler role with 'Helping Clients Build AI-Powered Future-Ready Businesses.' Tech Mahindra's report similarly highlights 'AI Delivered Right.' 'Let us think of AI as a gifted child prodigy born and brought up in a library,' said Anand G Mahindra, chairman of Mahindra Group. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Run Your Business Like a Pro - Top Trending Accounting Software (Check Now) Accounting ERP Click Here Undo 'It has access to all the knowledge in the world. It absorbs everything—information, fact, fiction, truth, untruth, every pattern of human behaviour. Used well, it can create extraordinary value, particularly for businesses like TechM,' he said in the company's annual update, PTI quoted. Workforce upskilling has become a key focus area. TCS reported that over 1 lakh of its employees have acquired higher-order AI/ML and GenAI skills. Infosys said over 2.7 lakh of its workforce is now 'AI-aware.' Wipro and Tech Mahindra are witnessing similar reskilling trends as they transition into AI-first firms. Infosys chairman Nandan Nilekani stressed the urgency of adapting legacy systems for AI compatibility. 'Enterprises must now create a data architecture so that all the firm's data is consumable by AI in a holistic manner,' he said. Nilekani also pushed for enterprises to build 'AI foundries and factories' to fuel innovation and scale. Rather than building their own large language models (LLMs) to rival OpenAI or Google, Indian firms are strengthening partnerships with hyperscalers like Microsoft, Google and AWS, as well as chipmakers such as Nvidia. They are establishing innovation hubs—such as TCS's AI Labs and Infosys's AI Foundry—to help clients experiment with and deploy AI in controlled environments. TCS chairman N Chandrasekaran called generative AI 'a civilisational shift' and said the company will create a 'large pool' of AI agents to work alongside humans in what he termed a 'human-AI' delivery model. Wipro, meanwhile, is realigning its Global Business Lines to sharpen its focus on AI-powered, consulting-led client solutions. 'This realignment will allow us to serve our clients better, enabling us to deliver tailored, high-impact transformation,' said Wipro CEO Srini Pallia. While foundational model development remains the domain of global tech giants, Indian IT leaders are betting that their ability to embed AI into the core of enterprise operations — from finance to manufacturing to customer engagement — will create the most durable long-term value. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Hindustan Times
an hour ago
- Hindustan Times
Vida VX2 to launch on July 1, will come as an affordable version of V2: Key expectations
Vida VX2 electric scooter will come as an affordable version of Vida V2, with a focus on more retail numbers in the mass-market commuter segment. Notify me Hero MotoCorp has entered the Indian electric two-wheeler market with its dedicated EV-only sub-brand Vida. Under the Vida sub-brand, the company now sells the Vida V2 electric scooter, which is available in three trim options - V2 Pro, V2 Plus and V2 Lite. Now, the EV manufacturer is gearing up for the launch of its latest product, VX2, which will come as a more affordable iteration compared to the V2. Slated to launch on July 1, the Vida VX2 electric scooter will target budget-conscious consumers, offering an all-electric option for daily commuting. Interestingly, other major players in the Indian electric two-wheeler segment, including TVS Motor Company, Bajaj Auto, Ola Electric, and Ather Energy, have already launched their respective products that focus on the budget-sensitive buyers. Now, with the Vida VX2, Hero MotoCorp also plans to walk the same path. Upon launch, it will compete with TVS iQube, Ola S1 Air, Bajaj Chetak, etc. Before the Vida VX2 is launched in the Indian market, here are some key details about the upcoming electric scooter. Vida VX2: Design The Vida VX2 has been teased through a teaser video online. As it seems, the electric scooter draws design inspiration from the Vida Z electric scooter concept that was displayed at the EICMA 2024. The electric scooter will come with a design that will resemble the V2. However, there will be some distinctive styling elements as well. It will come with LED lighting at the front and rear, including LED daytime running lights (DRL) integrated into the LED headlamp, LED indicators and LED taillight. Also, there will be a flat seat, basic toggle buttons at the handlebars, and a digital instrument cluster. Vida VX2: Equipment Being an affordable electric scooter, Vida VX2 will come implementing some cost-cutting measures, which will see the EV getting drum brakes at both ends instead of disc brakes. However, the higher trims of the VX2 may get a disc brake at the front. There will be a smaller digital display with physical buttons in comparison to a touchscreen. Also, there will be a conventional key ignition system instead of a keyless or mobile app-based ignition system. Vida VX2: Powertrain The Vida VX2 is expected to be underpinned by the same modular architecture that houses the Vida V2. Powering the Vida VX2 would be multiple battery pack choices, ranging from 2.2 kWh to 3.4 kWh units. Expect the VX2 to offer a range of more than 100 kilometres on a full charge. However, the range will depend on the battery pack variant. The EV will come with removable battery packs for easy indoor charging or battery swapping. Vida VX2: Pricing and BaaS model Vida VX2 is expected to come available at a starting price of around ₹ 1 lakh (ex-showroom). However, the company has already revealed that the VX2 will come with a Battery-as-a-Service (BaaS) model, which will offer a subscription plan to the buyers, allowing them to subscribe to batteries separately. This will allow them to pay the company subscription cost depending on usage per kilometre. Expect the consumers who would opt for the BaaS model to be able to buy the EV at around ₹ 70,000 (ex-showroom). Check out Upcoming EV Bikes in India. First Published Date: 29 Jun 2025, 10:55 AM IST
Mint
an hour ago
- Mint
After years of burn, Slice looks to turn profitable in FY26
Three years after a regulatory crackdown disrupted its core business, fintech startup Slice says it has turned profitable on a monthly basis and is targeting full-year profitability in FY26. The turnaround follows its transition into a regulated bank after its final merger with North East Small Finance Bank (NESFB) in October 2024. Slice was among several fintechs forced to stop offering credit line offerings via prepaid payment instruments (PPI) wallets after the Reserve Bank of India's 2022 circular. This effectively shut down Slice's popular card offering, which had gained traction among younger Indian users. Following its acquisition and merger with NESFB, Slice has stabilised its operations, consolidated assets, and transitioned into a deposit-funded, digital-first bank, founder and executive director Rajan Bajaj told Mint. 'We are now PAT-positive on a monthly basis. That was a milestone we had set for ourselves after the merger, and we have been able to achieve it quite early," Bajaj said. However, the small finance bank has not yet disclosed audited financials for FY24, and the profitability target remains based on internal metrics. Slice saw its revenue surge in FY23, reaching ₹847 crore, a threefold increase compared to the previous year. However, this growth was accompanied by a significant rise in losses, reaching ₹406 crore, a 59.8% increase from FY22. 'We have converted into a public entity now, we just haven't listed yet," Bajaj said. 'As a bank, you have to list after a certain point. We want to do that in the next 3–4 years." Full banking status Slice's evolution from a non-bank lender into a full-stack bank comes at a time when several fintech peers are still grappling with regulatory headwinds. The RBI has turned down other applications for banking licences, including that of Navi, making Slice's route—via the merger with an existing bank—an exception. With NESFB's licence, Slice has access to core banking infrastructure, the ability to raise retail deposits, and offer regulated credit products. 'We've converted into a public entity, we just haven't listed yet," he said, noting that banks are required to go public after a certain point. Slice aims to list within 3–4 years. According to Bajaj, the bank is onboarding approximately 3 lakh customers per month since October and claimed the bank has doubled its deposit base post-merger, though the actual value of deposits was not disclosed. One of Slice's key products is a repo-rate-linked savings account, which passes on 100% of the prevailing repo rate to depositors. Interest is calculated daily and credited directly to users' accounts. 'Most banks don't give the full repo rate to customers. They offer 2.5–4%. We're changing that," Bajaj said. This comes at a time when the RBI's third consecutive rate cut, bringing the repo rate to 5.5% in June, has prompted banks to reduce FD interest rates, impacting deposits. UPI-linked credit card Slice is betting big on a UPI-linked credit card aimed at India's 300 million underserved but credit-worthy users. 'We think the credit card product is going to get redesigned for India, just like payments got redesigned in the last 10 years," Bajaj said. The product allows users to make QR code-based UPI payments using their approved credit limit. Bajaj said about 5 million users have accessed Slice credit so far, and half of them were new-to-credit customers. Earlier this year, NPCI chief Dilip Asbe underscored the push to onboard an additional 200–300 million users to UPI to 'break their cash memory," pointing to the potential size of the addressable market. Digital branchesSlice has opened its first UPI-led digital bank branch in Bengaluru's Koramangala, featuring a Slice-branded UPI ATM that allows cardless cash deposits and withdrawals using any UPI app. 'You don't have to carry your debit card. That's a relic of the past," Bajaj said. While banks like SBI and Hitachi have previously piloted UPI ATMs, Slice plans to scale aggressively with installations across 600 districts, including rural areas. Bajaj noted that earlier pilots suffered from low visibility and uptake. Slice primarily competes with other small finance banks and potentially traditional banks in the digital banking space, apart from other credit card players in fintech. The bank is also expanding into merchant-facing infrastructure, such as current accounts, QR-code-based collections, and faster settlement cycles, in a bid to become the primary digital bank layer for UPI users. 'To build a true UPI credit card ecosystem, you have to solve the problem end-to-end, for both consumers and merchants." On future fundraising, Bajaj said Slice is not actively seeking external capital at the moment, citing strong deposit inflows and capital adequacy. 'We're not doing any formal discussions right now. But as and when we need capital, we will raise," he said. Since its inception in 2016, the company has raised close to $342 million in multiple funding rounds from investors such as 360 One, Insight Partners, and Tiger Global Management, among others.
