Miraggio raises $6.5 million in round led by RPSG Capital, Client Associates Alternate Fund
ETtech Mohit Jain, founder and CEO, Miraggio
Fashion handbag and accessories brand Miraggio has raised $6.5 million (Rs 55 crore) in a funding round led by early-stage consumer venture capital fund RPSG Capital Ventures and Client Associates Alternate Fund. The round also saw participation from Prath Ventures. The funds will be used for retail expansion, brand building, enhancing technology integration, and growing the team.'There was a significant gap in the Indian market that we are trying to fill — offering luxury or premium-quality products with a premium brand experience at an affordable price point. A large part of this capital raise will go towards setting up offline stores. We will be launching our own brand stores,' founder and chief executive Mohit Jain told ET. The startup plans to open about 15 to 20 stores over the next two years.
Founded in 2019, the Delhi-based company is aiming to introduce over 500 new products over the next 18 months and expand into other handbag and accessory categories. These will include laptop bags, backpacks, mini bags and clutches as well as small leather goods. 'Later, in time, we might get into other fashion accessories as well,' said Jain.
Miraggio ended FY25 with a gross merchandise value (GMV) of over Rs 110 crore and is now targeting more than Rs 200 crore. Currently, around 25% of its sales come from its own website, while the remaining 75% is driven by online marketplaces. The brand has fulfiled over one million orders to date.
'Our target audience primarily consists of women aged 18 to 35 from tier I, tier II, and tier III cities. They are social media savvy, digitally influenced, self-image conscious, and fashion oriented,' Jain said. 'Today, with widespread internet access and deep digital penetration, I think desire is no longer limited to just tier I cities. There is a significant market opportunity in tier II and tier III cities as well,' he added. It last raised $1.2 million in 2023. The startup has raised $7.7 million in total. Commenting on the investment, Abhishek Goenka, managing partner, RPSG Capital Ventures, said, 'In a highly fragmented and dynamic market, Miraggio stands apart in its ability to offer exceptional value for money, seamlessly combining aspirational design, quality, and experience with premium affordable pricing, making it especially relevant to India's new-age consumers.''We're excited to be a part of their journey, as we believe they have the potential to reshape the handbag and accessories industry in India,' said Shivam Diwan, executive director, Client Associates Alternate Fund.
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