Miraggio picks 1.2 million USD in Pre-Series A funding

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Miraggio picks 1.2 million USD in Pre-Series A funding
Miraggio picks 1.2 million USD in Pre-Series A funding

[India, 28th November 2023 ] – Miraggio, the trailblazing fashion accessories brand, is thrilled to announce the successful closure of a Pre-Series A investment round, securing a total of INR 10 Crores (approx USD 1.2 million) . The investment is poised to catapult Miraggio to new heights, as it continues its mission to become the leading fashion accessories brand in India. The investment comes at a crucial juncture, marking a transition from being a bootstrapped success to embarking on an audacious journey to redefine India’s fashion landscape.  In a testament to its commitment to ethical and sustainable practices, Miraggio has added another remarkable achievement to its portfolio – the Peta Vegan Fashion Award in 2023. This prestigious accolade serves as a testament to the brand’s alignment with global trends and values, further reinforcing its dedication to responsible and environmentally conscious fashion.

 

Miraggio has been making waves since its inception in 2020, capturing the attention and interest  of the investors, evidenced by an impressive threefold increase in revenue over the past 12 months and favorable unit economics. The 140% YoY growth of the brand has drawn a consortium of investors, and the round was co-led by Seven Rivers Holding, and Magnetic. Seven Rivers Holding, is an investment firm investing in public and private companies. Magnetic is an advisory lead investment firm founded by Rajeev Chitrabhanu. The investors bring with them valuable expertise and experience that aligns perfectly with Miraggio’s strategic vision. 

 

As the first brand in India to be launching fashion accessories every month, Miraggio’s commitment is to push boundaries and change the narrative of the fashion industry. Miraggio has solidified its position as a dynamic player in the market aims to achieve an Annual Recurring Revenue (ARR) target of INR 100 Crores by 2024 through a multifaceted strategy.The funds will be allocated to expand product categories such as Backpacks, Wallets, and SLGs. Miraggio’s commitment to innovation will be showcased through groundbreaking marketing initiatives, including AR technology and collaborations with Large Format Retailers, promising an immersive and elevated shopping experience.

 

Mohit Jain, the brain behind Miraggio as Founder & CEO Miraggio, “As the founder of Miraggio, I embarked on a journey fueled by a vision to create fashion accessories that speak to the souls of interesting individuals. This investment paves the way for a future where Miraggio sets the standard for opulent elegance, inspiring discerning individuals to elevate their style to new heights.”

 

On the investment, Devavrat Jatia CIO of Seven Rivers Holding, commented, “ The women’s handbag category is largely unorganized, and fragmented making it a compelling opportunity for a differentiated, and chic fashion brand to emerge and capture a part of the growing organized market. Miraggio, under the leadership of Mohit, was able to grow 3x in revenue over 12 months while remaining profitable making it a compelling investment opportunity”.

 

Magnetic, through its official spokesperson states, “As working ladies and young girls step out for more experiences, accessorizing is bound to increase. In a short span Miraggio has positioned itself as the go to chic brand that most of the high end influencers and younger celebrities use in their day to day life due to its price, quality, and global trend awareness. With our advisory lead investment model and Seven Rivers Holding, we are happy to support the Mohit and Miraggio team as they will use the capital to build new channels of distribution, a strong team and stronger design capabilities.”