Yes, what you read in the title is 100% correct, neither you and nor I have gone mad. And yes, the phone has an app drawer, what you gotta do is follow these steps:
1) Go to your home screen.
2) Press the menu button or those line bars or whatever LOL.
3) Go into preferences.
4) Scroll down, you'll see an option "One Layer" or something similar (I don't remember stuff because I returned the phone and have ordered it again as it had some problem), just click it and then select "Two Layer" from it.
5) Bang! You now have the app drawer, I explored this in my first power up of the device, I'm just confused that why other people can't
Note: I posted this because I read that the M330 lacks of the app drawer in a review posted by the NDTV Gadgets staff in their app and some other reviews from other sites also stated the same thing.
PS: No offence but I'd like to recommend the NDTV Gadgets staff to explore stuff a bit before posting a review