United Spirits invests into a new gen alcohol Company

United Spirits Limited (USL) is investing into Nao Spirits & Beverages Limited.

Key points to note –

  • USL is investing Rs 31.50 crore for a 22.5% stake on fully diluted basis
    • Rs 20 crore primary for 14.29% stake: fresh CCPS + equity shares
    • Rs 11.50 crore secondary for 8.21% stake – acquisition of equity shares from existing shareholders
  • NAO founded in 2010 is primarily focused on craft gin. It has two brands that are gaining popularity – Greater Than & Hapusa.
  • The Company had raised¬† $2 mn funding last year and a total of $5 mn since inception. It’s Net Worth was Rs 21.31 crore as on March 31, 2021.
  • In FY 21, NAO reported revenues of Rs 14.07 crore. Of this 85% came from India and the balance 15% from 8 other countries including US and UK.

It’s a small investment by USL in an emerging Company. Size is too small to try drawing any meaningful conclusions.

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