New Delhi, July 7 -- Handbag and fashion accessory brand Miraggio, which had raised its Series A funding last year, is evaluating another funding round, according to two people close to the development.
Gurugram-based Miraggio Lifestyles Pvt Ltd was launched in 2019 by Mohit Jain as a direct-to-consumer brand offering premium women's handbags, totes and accessories.
After raising $1.20 million (Rs 10 crore) from a firm led by former JM Financial executive Rajeev Chitrabhanu in 2023, Miraggio raised its Series A round two years later in 2025. In Series A, the firm raised Rs 55 crore ($6.5 million), led by consumer-focussed investor RPSG Capital Ventures and Client Associates Alternate Fund, with participation from Prath Ventures, valuing the firm at around Rs 225 crore, according to Traxn.
The bag brand is now evaluating another fundraise of approximately $10-15 million (Rs 95-143 crore) from investors, with the investment banking arm of PricewaterhouseCoopers (PwC) helping it scout for investors.
The fundraising plan is still in the initial stages of discussions, one of the persons cited above said.
Miraggio and PwC did not respond to queries from VCCircle.
Omnichannel expansion, growth
Miraggio boasts of over 7 lakh customers and more than 1 million orders to date.
According to the second person, the firm is said to have reported an annual recurring revenue of Rs 150 crore in FY26. In FY25, it posted a revenue of Rs 70 crores and an operating loss of Rs 1.9 crores.
Following the Series A round, the firm had said it would use the capital to expand the company's product portfolio by expanding into additional handbag and accessory categories and launch 500 new products. Miraggio also planned to scale up its retail footprint and build its omnichannel distribution for premium handbags in tier II and III markets, in addition to strengthening the supply chain across Asia.
A month ago, the firm launched its first retail store in Chennai, as Jain shared on his LinkedIn.
The luggage, bags and accessories segment has long been dominated by legacy brands such as VIP, Safari, and Wildcraft and foreign brands such as Samsonite, alongside a large unorganised market. The more recently launched D2C bags and accessory brands have tried to target the premium customers in India.
Last month, Zouk raised $7.3 million in a pre-Series C round led by Aavishkaar Capital and Stellaris Venture Partners, with participation from Sharrp Ventures.
Published by HT Digital Content Services with permission from VC Circle.