Key Hightlights
- Miraggio Raises $6.5M in Latest Funding Round to Expand Retail Presence and Product Line
- Varela Luxury Plans 15–20 New Stores and 500+ Products to Target Women Aged 18–35 Across Tier I-III Cities
- Handbag Brand Miraggio Surpasses 1 Million Orders, Strengthens Online and Offline Growth Strategy
Varela Luxury which operates as Miraggio, has collected $6.5 million (Rs 55 crore) through its recent investment round led by RPSG Capital Ventures and Client Associates Alternate Fund. Prath Ventures was involved in the round too.
Miraggio has raised $7.7 million from investors, after formerly raising $1.2 million this year.
The funds earned will cover activities for the team, developing the brand, technology and opening more stores.
Between now and the following 18 months, the company plans to offer more than 500 products and add at least 15 to 20 physical locations. They are made up of little leather items such as laptop bags, backpacks and various small bags, as well as clutches.
In 2019, Mohit Jain launched Miraggio, offering Indian women a range of accessories and handbags. The company offers shoulder bags, cross body bags and tote bags online and on its own website.
According to the company, they have already completed over a million orders. Close to a quarter of Amazon’s sales come directly from its site, while the other sales happen on online marketplaces.
The brand phones about is aimed at women living in tier I, II and III cities who fall between the ages of 18 and 35.
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