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 US$135.8K over the past two months, with monthly EBITDA of US$24.4K. The fund projects roughly US$271.6K 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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