Miraggio, the premium handbag brand, has successfully raised $1.2 million in its pre-Series A funding round. The investment, co-led by Seven Rivers Holding and Magnetic, marks a pivotal moment for Miraggio as it sets its sights on expanding product offerings, integrating cutting-edge technology, and fostering collaborations with major retailers.
Miraggio, founded by visionary entrepreneur Mohit Jain in 2020, has rapidly emerged as a trendsetter in the fashion landscape. The brand’s focus on premium handbags has resonated strongly with consumers, leading to an impressive 140% year-over-year growth since its inception. Now, with the infusion of $1.2 million in funding, Miraggio is poised to take its success to new heights.
The funding round, co-led by Seven Rivers Holding and Magnetic, brings not only capital but also strategic expertise to Miraggio. Seven Rivers Holding, known for its diverse investment approach encompassing public markets and private equity/venture capital, adds a layer of credibility to Miraggio’s growth trajectory. This investment is indicative of Seven Rivers Holding’s confidence in Miraggio’s potential to disrupt the fashion accessories market.
Magnetic, an advisory-focused investment firm boasting a portfolio of over thirty companies, including six unicorns, is the other co-lead investor. Miraggio’s decision to partner with Magnetic underscores the firm’s belief in Miraggio’s vision and its ability to navigate the competitive landscape successfully.
The capital raised will be deployed strategically to fuel Miraggio’s expansion plans. A significant portion will be allocated to diversifying product categories, including the introduction of backpacks, wallets, and small leather goods (SLGs). This move aims to cater to a broader consumer base and solidify Miraggio’s position as a comprehensive fashion accessories brand.
In line with its commitment to staying at the forefront of innovation, Miraggio will leverage a portion of the funds to enhance its marketing initiatives. Augmented Reality (AR) technology will be integrated into the brand’s marketing strategies, providing customers with an immersive and interactive shopping experience. This forward-looking approach reflects Miraggio’s dedication to embracing technological advancements to enhance consumer engagement.
Collaborations with large-format retailers represent another key element of Miraggio’s growth strategy. By partnering with established retail giants, Miraggio seeks to expand its market reach, tapping into new consumer segments, and increasing brand visibility. These collaborations will serve as a platform for introducing Miraggio’s products to a wider audience, creating synergies that benefit both the brand and its retail partners.
Miraggio’s recent accolade, the Peta Vegan Fashion Award in 2023, further underscores the brand’s commitment to ethical and sustainable practices. As the fashion industry witnesses a growing demand for eco-conscious choices, Miraggio’s recognition aligns with evolving consumer preferences and positions the brand as a leader in responsible fashion.
With an eye on the future, Miraggio has set ambitious targets, aiming to achieve an annual recurring revenue (ARR) of Rs 100 crore by 2024. Currently boasting a customer base of approximately 2 million individuals, Miraggio’s growth trajectory seems promising, supported by a strong foundation of quality, innovation, and ethical practices.