Miraggio Nets INR 55 Cr To Build Omnichannel Play In Non-Metros

SUMMARY

The funding round was led by RPSG Capital Ventures and Client Associates Alternate Fund, and also saw participation from Prath Ventures

The startup will use the funds to expand its product range, strengthen its supply chain across Asia, and grow its retail footprint, particularly in tier II & III cities

Founded in 2019, Miraggio sells a range of handbags and other accessories such as shoulder bags, satchels, crossbody bags, backpacks, and cardholders

D2C lifestyle brand Miraggio has raised INR 55 Cr ($6.5 Mn) in its Series A funding round led by RPSG Capital Ventures and Client Associates Alternate Fund. It also saw participation from Prath Ventures.

The startup plans to utilise the funds to expand its product range, strengthen its supply chain across Asia, and build omnichannel presence in tier II & III cities.

With the new funds, Miraggio plans to introduce 500+ new SKUs over the next 18 months, expand into categories like wallets, laptop bags, and small leather goods, and increase retail presence via multi-brand outlets and offline experience stores. Airport retail is also on the roadmap for the startup.

Founded in 2019 by Mohit Jain, Miraggio sells a range of handbags and other accessories such as shoulder bags, satchels, crossbody bags, backpacks, and cardholders. Unlike traditional fashion brands that follow seasonal launches, Miraggio claims to launch new collections monthly to stay aligned with global trends.

The brand sells its products through its own website and marketplaces such as Myntra, Amazon, AJIO, Nykaa, and Tata CLiQ. It has also expanded to quick commerce platforms.

It claims to have sold over 8.5 Lakh products till date, with its revenue growing 108% to INR 29.8 Cr in FY24 from INR 14.3 Cr in FY23.

Prior to this, the startup raised INR 10.4 Cr ($1.2 Mn) from Seven Rivers Holding and East Eight Six Advisors in November 2023.

Miraggio positions itself between high-end luxury and low-quality budget options, competing with other D2C brands like Zouk, Scarters, Mokobara, and Chumbak. Rival Zouk also raised $10 Mn last year to expand offline presence.

Miraggio operates in the larger Indian D2C fashion and accessories market, which has witnessed significant growth in recent years on the back of rising internet penetration, a young population, and a shift towards online shopping.

The homegrown fashion ecommerce space is projected to become a $112 Bn market opportunity by 2030.