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                           April 28, 2023

       Mattia Tomba
       Co-Chief Executive Officer
       Alchemy Investments Acquisition Corp 1
       850 Library Avenue, Suite 204-F
       Newark, DE 19711

                                                        Re: Alchemy Investments
Acquisition Corp 1
                                                            Amendment No. 1 to
Registration Statement on Form S-1
                                                            Filed April 5, 2023
                                                            File No. 333-268659

       Dear Mattia Tomba:

              We have reviewed your amended registration statement and have the
following
       comment. In our comment, we may ask you to provide us with information
so we may better
       understand your disclosure.

              Please respond to this letter by amending your registration
statement and providing the
       requested information. If you do not believe our comment applies to your
facts and
       circumstances or do not believe an amendment is appropriate, please tell
us why in your
       response.

              After reviewing any amendment to your registration statement and
the information you
       provide in response to this comment, we may have additional comments.

       Amendment No. 1 to Registration Statement on Form S-1 filed April 5,
2023

       Risk Factors, page 33

   1.                                                   Please include a risk
factor that describes the potential material effect on your
                                                        shareholders of the
stock buyback excise tax enacted as part of the Inflation Reduction
                                                        Act in August 2022. If
applicable, include in your disclosure that the excise tax could
                                                        reduce the trust
account funds available to pay redemptions or that are available to the
                                                        combined company
following a de-SPAC. Describe the risks of the excise tax applying to
                                                        redemptions in
connection with:
                                                            liquidations that
are not implemented to fall within the meaning of    complete
                                                            liquidation    in
Section 331 of the Internal Revenue Code,
                                                            extensions,
depending on the timing of the extension relative to when the SPAC
                                                            completes a de-SPAC
or liquidates, and
 Mattia Tomba
Alchemy Investments Acquisition Corp 1
April 28, 2023
Page 2
            de-SPACs, depending on the structure of the de-SPAC transaction.

      Also describe, if applicable, the risk that if existing SPAC investors
elect to redeem their
      shares such that their redemptions would subject the SPAC to the stock
buyback excise
      tax, the remaining shareholders that did not elect to redeem may
economically bear the
      impact of the excise tax.
        You may contact Ameen Hamady at 202-551-3891 or Jennifer Monick at
202-551-3295
if you have questions regarding comments on the financial statements and
related matters.
Please contact Benjamin Holt at 202-551-6614 or Brigitte Lippmann at
202-551-3713 with any
other questions.



                                                             Sincerely,
FirstName LastNameMattia Tomba
                                                    Division of Corporation
Finance
Comapany NameAlchemy Investments Acquisition Corp 1
                                                    Office of Real Estate &
Construction
April 28, 2023 Page 2
cc:       Tamar Donikyan, Esq.
FirstName LastName