Fashion brand Miraggio raises Rs 10 crore in pre-series A funding round

Fashion accessories brand Miraggio has raised Rs 10 crore ($1.2 million) in a pre-series A round led by Seven Rivers Holdings and Magnetic.

The brand will utilise the funds to diversify its product portfolio by entering new categories to fuel its growth and take Miraggio to new heights.

Commenting on the funding, Mohit Jain, founder CEO of Miraggio in a statement said, “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.”

Devarat Jatia, from Seven Rivers Holdings added, “The women’s handbag category is largely unorganised and fragmented making it an opportunity for a differentiated fashion brand to capture a part of the 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.”

Founded in 2020, Miraggio is a luxury accessories brand. It aims to clock Rs 100 crore in annual recurring revenue by 2024.