Miraggio raises Rs 55 cr to fuel retail, product expansion
Mohit Jain, Founder & CEO, Miraggio
New Delhi: Fashion handbag and accessories brand Miraggio has raised Rs 55 crore in Series A funding, said Mohit Jain, founder and CEO, Miraggio, in a chat with ETRetail.
The round, which comes 14 months after its pre-series A raise of Rs 10 crore, is aimed at fuelling the company's next phase of growth, including retail expansion, product category extensions, and tech-led consumer experiences.
The round was led by RPSG Capital Ventures and Client Associates Alternate Fund, with participation from Prath Ventures.
Speaking about the timing of the fundraise, Jain said, 'Post our first fundraise, which was of 10 crore rupees, 14 months back, we as a brand have seen more than 3x growth. That capital push has really helped us grow the brand exponentially. Now for our next phase of growth, and to take this brand to next level, this fundraising of 55 crore rupees was required to expand to retail.'
The brand is now planning to open 15 to 20 experiential stores in the next two years, expanding further to 40 to 50 stores over the next four to five years across tier-1 and tier-2 cities.
In addition to offline presence, the company will channel the capital into new product lines and personalisation.
'We had a successful launch of laptop bags in March. We are looking forward to launching backpacks, clutches and some other accessories this year,' Jain added.
Miraggio is also looking to bolster its team strength and tech capabilities. Currently, the company operates with over 65 employees at its head office and about 40–45 in its warehouse.
Miraggio, which was founded in 2019, has seen steady growth and is now aiming to close FY26 with revenue of over Rs 200 crore, up from Rs 110 crore in FY25.
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