On Tuesday, Miraggio, a direct-to-consumer brand for handbags and accessories, announced that it had raised $6.5 million in its first round of funding from investors. The money will help the company expand into new and experimental retail spaces.
The funding round was led by RPSG Capital Ventures and Client Associates Alternate Fund, with additional investment from Prath Ventures, according to the company.
Most of the raised money will go towards expanding their retail presence. The company plans to open 15-20 exclusive stores in smaller cities (Tier II and III markets) over the next two years.
Speaking to YourStory, Mohit Jain, Founder of Miraggio, said, “Buying behaviour in a category like handbags is not just about the design but also the brand you’re carrying. That’s why we’re focused on premiumising the brand and making it more aspirational. We’re opting for exclusive brand outlets (EBOs), which give us greater control over the store experience. Moreover, with our own stores and staff, we can better engage with customers, gather valuable data, and build a loyal base of repeat buyers.”
Miraggio is also working on expanding its product range by introducing new types of products. Earlier this year, it launched laptop bags and plans to add backpacks, clutches, and other fashion accessories.
Part of the funds will be used to build a strong leadership team and improve the online shopping experience. This includes adding features like a 360-degree view of products, augmented reality, and virtual try-ons.
Based in Gurugram, the company raised $1.2 million in its pre-Series A funding round in November 2023. This round was co-led by Seven Rivers Holding and Magnetic.
Miraggio, which competes with brands like Zouk, Charles & Keith, Aldo, and Da Milano, made Rs 110 crore in total sales in FY25. This is a 130% increase compared to 2024.
Jain says the company’s annual recurring revenue (ARR) has grown three times since its pre-Series A round and expects it to double by FY26.
Read more- CloudSEK Raises $19M to Boost AI Cybersecurity and Global Expansion
