Optimistic Capital’s 33&Brew Turns Profitable as Fund Expands Bengaluru Alcobev Portfolio

Optimistic Capital’s maiden portfolio investment, Bengaluru-based microbrewery 33&Brew, has turned profitable, as the alcobev-focused investment fund expands its portfolio with investments in Brewden and 33&Craft.

33&Brew was funded through Optimistic Capital’s SEBI-registered Alternative Investment Fund (AIF) Category I structure, with participation from more than 100 angel investors. The business has generated slightly under Rs 1 crore in monthly revenue over the past two months and is projected to reach approximately Rs 2 crore in revenue within the next 12 months, with an anticipated EBITDA margin of around 20%.

According to its latest financial statement, 33&Brew recorded monthly EBITDA of Rs 18 lakh. The business has also started generating returns for early investors, with current returns translating to an IRR of approximately 18%. Optimistic Capital began distributing profits to investors in June.

The fund uses a profit-sharing structure through its SEBI-registered AIF, allowing investors to participate in the profitability of portfolio businesses through periodic distributions.

“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. We remain focused on building scalable businesses and creating long-term value for our investors,” said Varun Krishnan, Co-Founder of Optimistic Capital.

The fund’s latest investments broaden its exposure to different hospitality formats. Brewden operates as a smaller-format taproom concept aimed at younger consumers, with a focus on operational efficiency and expansion across Bengaluru.

33&Craft, developed in partnership with MasterChef Australia winner Shashi Chelliah, is positioned as a premium dining and beverage concept in Central Bengaluru, off MG Road.

The portfolio strategy indicates a focus on building complementary businesses across the alcobev and hospitality ecosystem rather than investing in individual formats alone. Optimistic Capital is looking to leverage shared infrastructure, operational capabilities and strategic expertise as its portfolio expands across craft beer, alcobev and hospitality.