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Entrepreneur
20-05-2025
- Business
- Entrepreneur
Fashion Brand Miraggio Secures USD 6.5 Mn to Open 20 Stores, Launch 500+ New Products
Miraggio plans to open 15 to 20 offline stores across India over the next two years and introduce more than 500 new products within 18 months. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Delhi-based fashion handbag and accessories brand Miraggio has raised USD 6.5 million (INR 55 crore) in a funding round led by RPSG Capital Ventures and Client Associates Alternate Fund, with participation from Prath Ventures. This round follows an earlier USD 1.2 million raised in 2023, bringing Miraggio's total funding to USD 7.7 million. The fresh capital will be deployed to accelerate retail expansion, enhance brand development, upgrade technology, and grow the team. Miraggio plans to open 15 to 20 offline stores across India over the next two years and introduce more than 500 new products within 18 months. These additions will include laptop bags, backpacks, mini bags, clutches, and small leather goods, broadening the brand's appeal. Founded in 2019 by Mohit Jain, Miraggio is redefining accessible luxury in the fashion accessories space. The brand combines cutting-edge design, quality craftsmanship, and a keen understanding of contemporary women's style. It has won the loyalty of over 700,000 customers and rapidly established itself in a competitive market. Mohit Jain, Founder and CEO of Miraggio, said, "We are thrilled to welcome our new investors on board and truly value their belief in Miraggio's long-term vision. This funding marks a pivotal moment for us as we accelerate our journey toward becoming an omnichannel fashion handbag and accessories brand. With a sharper focus on delivering elevated retail experiences, expanding our product portfolio, and building deeper connections with customers across India, we're excited to shape the next chapter of Miraggio's growth story." Abhishek Goenka, Managing Partner at RPSG Capital Ventures, stated, "Miraggio stands apart in its ability to offer exceptional value for money, combining aspirational design, quality, and experience with premium affordable pricing, making it highly relevant to India's new-age consumers." Shivam Diwan, Executive Director at Client Associates Alternate Fund, added, "Miraggio's commitment to innovation positions them well to reshape the handbag and accessories industry in India."
Economic Times
20-05-2025
- Business
- Economic Times
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.
Time of India
20-05-2025
- Business
- Time of India
Miraggio raises $6.5 million in round led by RPSG Capital, Client Associates Alternate Fund
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. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Kulkas yang belum Terjual dengan Harga Termurah (Lihat harga) Cari Sekarang Undo '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. Live Events 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. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories '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.
