India's first alcobev fund turns its debut bet profitable at ~18% IRR
What's the deal? Optimistic CapitalDealroom has a profile for this one. Try Dealroom →, which bills itself as India's first alcobev-focused fund, said its maiden investment — Bengaluru microbrewery 33&BrewDealroom has a profile for this one. Try Dealroom → — has turned profitable. It has also added BrewdenDealroom has a profile for this one. Try Dealroom → and 33&CraftDealroom has a profile for this one. Try Dealroom → to its portfolio.
The numbers: 33&Brew has posted monthly revenue of just under Rs.1 crore over the past two months, with monthly EBITDA of Rs.18 lakh. The fund projects roughly Rs.2 crore in revenue over the next 12 months at an EBITDA margin near 20%.
What it means for investors: The fund reports a current internal rate of return (IRR) of about 18% and began distributing profits in June. The investment was backed by more than 100 angel investors through a SEBI-registered Category I Alternative Investment Fund (AIF).
What's the endgame? OptimisticDealroom has a profile for this one. Try Dealroom → Capital, led by INSEAD and Indian School of Business (ISB) alumni, is building a portfolio across the alcobev and hospitality sector that shares infrastructure and operational expertise rather than backing standalone businesses.
Its two new bets add fresh formats. Brewden is a smaller taproom aimed at a younger crowd and positioned for rapid expansion across Bengaluru. 33&Craft, built with MasterChef Australia winner Shashi Chelliah, is a premium dining and beverage venue off MG Road in central Bengaluru.
"Today's announcement marks an important milestone for Optimistic Capital, with 33&Brew turning profitable and our investments in Brewden and 33&Craft expanding our portfolio," said co-founder Varun Krishnan. "We remain focused on building scalable businesses and creating long-term value for our investors."
The signal: With a profitable anchor and early distributions, Optimistic Capital is testing whether a focused fund can scale differentiated formats across India's growing craft beer, alcobev, and hospitality market.
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