D2C handbag retailer Miraggio raises $6.5M for its store dreams

D2C handbag and accessories player Miraggio on Tuesday said it raised $6.5 million in its first institutional round to fuel its plans for experimental retail expansion.

The round was led by RPSG Capital Ventures and Client Associates Alternate Fund, with participation from Prath Ventures, the company said.

A major part of capital fusion is expected to support its experiential retail expansion, with a target to open 15-20 exclusive brand outlets, focusing on Tier II and III markets over the next two years.

Speaking to YourStory, Mohit Jain, Founder of Miraggio, said, "Buying behaviour in a category like handbags is not just about the design but also the brand you're carrying. That's why we're focused on premiumising the brand and making it more aspirational. We’re opting for exclusive brand outlets (EBOs), which give us greater control over the store experience. Moreover, with our own stores and staff, we can better engage with customers, gather valuable data, and build a loyal base of repeat buyers."

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Miraggio is also focusing on category expansion with the launch of new formats. Earlier this year, it launched laptop bags and plans to launch backpacks, clutches, and other fashion accessories.

A portion of the funds will help build a senior leadership team and invest in improving the digital consumer experience with tech integration, including 360 product view, augmented reality, virtual try-on, etc.

The Gurugram-based company last raised $1.2 million in its pre-Series A funding round co-led by Seven Rivers Holding and Magnetic in November 2023.

Miraggio, which competes with international and domestic players like Zouk, Charles & Keith, Aldo, and Da Milano, clocked Rs 110 crore in gross sales in FY25—a 130% jump from 2024.

Jain claims the company has grown 3X in ARR since its pre-Series A round and expects to double by FY26.