United Spirits Acquires Stake In Nuvola Spirits, Maker Of Soju And Limoncello In India

United Spirits, Diageo's Indian arm, has agreed to acquire a 10.08 per cent stake in Nuvola Spirits for Rs. 2.69 crore. The stake is structured through 17,350 compulsorily convertible preference shares and 10 equity shares, with the right to appoint one board director and one observer, and an option to acquire the remainder if Nuvola hits pre-agreed growth milestones. The deal, approved by United Spirits' board on July 22, 2026, is expected to close by September 21.

Nuvola Spirits was incorporated in August 2023 by Raghav Sachdeva and Aakriti Kochhar Sachdeva to bring two categories barely present on Indian shelves into the country's premium drinking repertoire: Korean-style soju and Italian liqueurs. Its soju brand, Seoulmate, is positioned as a lighter, lower-intensity alternative to whisky and vodka, tapping into the same K-culture wave that has driven Korean food, skincare and entertainment into the Indian mainstream. Rather than importing the category wholesale, Nuvola built Seoulmate for Indian drinking habits, an easier entry point for a market largely unfamiliar with soju's mild, slightly sweet profile.

On the Italian side sits Mikiamo, launched in 2024, home to what the company markets as India's first limoncello, a bright, citrus-forward liqueur traditionally made by steeping lemon peels in alcohol before sweetening, alongside a melon-based counterpart called Meloncello and a bittersweet Amaro Rosso. All three work as easily in a spritz or a long summer cocktail as they do neat and chilled, catering to India's growing appetite for lower-ABV, aperitif-style drinking that has, until recently, had almost no local representation.

Nuvola's financials suggest an early-stage but fast-scaling business: turnover stood at Rs 38 lakh for the year ended March 2025, against a negative net worth of Rs. 15 lakh, with unaudited FY26 sales projected at Rs. 3.5 crore, a roughly ninefold jump, all of it from India. The investment mirrors United Spirits' recent pattern of backing category-first craft brands, following its move into gin with Nao Spirits and a minority stake in Pistola-owner Inspired Hospitality, betting on founders building genuinely new drinking categories rather than reworking existing ones.