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Makers of ‘Greater Than Gin’ Nao Spirits & Beverages has announced plans to enter two new markets - Himachal Pradesh and Punjab by the end of next month. Anand Virmani, the co-founder and CEO, said the company intends to sell 120,000 cases of gin this financial year, up from 97,000 in the previous fiscal.
“When we started in 2017, about 12,000 cases of premium gin were being sold, including the imported brands. In 2022, this grew to over 300,000 cases, and 420,000 cases in 2023, each case being 12 bottles. These are all gins in the premium category, whose MRP are ₹1,000 and above,” Virmani said, adding the company currently has a 25% market share in the Indian and imported gin segment, at around 100,000 cases.
With a distillery in Goa whose production capacity is 200,000 cases, the company’s portfolio includes Greater Than, a London Dry Gin, and Hapusa, a Himalayan Dry Gin. In the fiscal year 23-24, Nao Spirits sold one million bottles of Greater Than Gin. Additionally, it also launched its limited availability premium spiced rum, Pipa Rum de Goa, exclusively in Goa.
The company recently entered nine new international markets, including Canada, Malaysia, Nepal, Ukraine, the Philippines, Japan, Sri Lanka, China, and the UAE. They now export to 23 countries, with the UK, Italy, Singapore, Thailand, Taiwan, and Norway leading the charge. Additionally, the company is looking to expand to duty-free markets across UAE, Singapore, and Nepal.
“Export-wise, it’s been great on the Hapusa front while in India, Greater Than has seen massive success, considering that category didn’t necessarily exist before. We’ve seen a lot of excitement around the India story, which makes sense considering gin is the one spirit made with herbs, spices, and botanicals, and India is the world’s spice capital,” the CEO explained.
However, while 15% of its revenue comes from exports, domestic sales account for the remaining 85%. Nao Spirits’ brands are present in about 12 states in the civil markets, and 19 states through the Canteen Stores Department (CSD), establishing a presence in states like Gujarat, Kerala, and Tamil Nadu, whose civil markets they otherwise are not registered in.
Alongside, 70% of the company’s sales happen off-trade or through retail presence, and the remaining 30% through on-trade. In 2022, United Spirits Limited, or Diageo India, invested ₹31.5 crores to acquire a minority stake in Nao Spirits & Beverages. With a year-on-year (YoY) growth rate of 40% over the last two years, the company hopes to become EBITDA-positive this financial year.
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