Empowered by Seven Rivers Holding and Magnetic, Miraggio, a distinguished fashion accessories brand, has successfully raised $1.2 million in its pre-Series A funding round. This significant infusion of capital is poised to catapult Miraggio into new realms of innovation and expansion.
Founded by the visionary Mohit Jain, Miraggio has swiftly emerged as a premium handbag brand, echoing a new era of fashion trends. The infusion of $1.2 million, co-led by Seven Rivers Holding and Magnetic, represents a crucial milestone for the brand, opening doors to unprecedented growth opportunities.
The capital raised in this round is earmarked for several strategic initiatives that solidify Miraggio’s position in the competitive fashion accessories market. A key focus is expanding its product categories, including backpacks, wallets, and SLGs (small leather goods). This diversification is set to cater to the diverse needs of its discerning customer base.
In addition to product expansion, Miraggio plans to channel the funds into cutting-edge marketing initiatives. Augmented Reality (AR) technology will take centre stage, offering customers an immersive and interactive shopping experience. Collaborations with large format retailers are also on the horizon, fostering strategic partnerships to enhance brand visibility and market reach.
Since its inception in 2020, Miraggio has experienced an impressive 140% year-over-year growth, underscoring its rapid ascent in the fashion industry. The brand’s commitment to excellence has garnered a loyal customer base, boasting around 2 million satisfied patrons.
In recognition of its dedication to ethical practices, Miraggio was honoured with the prestigious Peta Vegan Fashion Award in 2023. This accolade reflects the brand’s conscientious approach towards animal welfare and sustainability in the fashion ecosystem.
Seven Rivers Holding, a versatile investment entity with interests in both public markets and private equity/venture capital, joins forces with Magnetic, an advisory lead investment firm with a notable portfolio comprising over thirty companies, including six unicorns. This collaboration not only signifies the attractiveness of Miraggio as an investment opportunity but also underscores the confidence these industry leaders have in the brand’s potential for sustained success.
As Miraggio sets its sights on the future, the infusion of $1.2 million in pre-Series A funding positions the brand at the forefront of fashion innovation. With ambitious targets, including achieving an annual recurring revenue (ARR) of Rs 100 crore by 2024, Miraggio is poised to redefine the landscape of premium fashion accessories, captivating the hearts of millions worldwide.
