Miraggio, a rapidly growing Indian fashion handbag and accessories brand, has announced a successful Series A funding round of ₹55 crore (approximately $6.5 million). The round was led by RPSG Capital Ventures and Client Associates Alternate Fund, with additional backing from Prath Ventures.
Strategic Investment to Accelerate Growth and Retail Expansion
The fresh capital will power Miraggio’s next phase of growth—focusing on expanding its product range, strengthening supply chain capabilities, and accelerating its retail and omnichannel presence across India. The brand, which has already fulfilled over 1 million orders, aims to make premium fashion accessories more accessible to the modern Indian woman, particularly in Tier 2 and Tier 3 cities.
Miraggio plans to introduce over 500 new products in the next 18 months, tapping into emerging global fashion trends and catering to India’s aspirational, style-conscious consumers. The investment will also be directed toward sourcing innovation across Asia, building a multi-country supply chain to support the brand’s growth momentum.
Positioning as India’s Go-To Brand for Affordable Luxury
By blending design excellence, affordable pricing, and premium appeal, Miraggio aims to fill a significant gap in India’s fast-growing handbag market—expected to increase by $2 billion between 2024 and 2029. The brand’s strategy centers on offering aspirational fashion at an accessible price point, appealing to India’s evolving fashion-forward demographic.
“This funding marks a pivotal moment for us as we accelerate our journey toward becoming an omnichannel fashion handbag brand,” said Mohit Jain, Founder & CEO, Miraggio. “We’re focused on enhancing retail experiences, expanding our offerings, and connecting more deeply with customers nationwide.”
Investor Confidence in a High-Growth Consumer Brand
Abhishek Goenka, Managing Partner at RPSG Capital Ventures, expressed confidence in Miraggio’s vision and execution:
“Miraggio stands out in a fragmented market by combining design, quality, and affordability. It’s highly relevant to India’s new-age consumers, and we’re excited to support this journey.”
Shivam Diwan, Executive Director at Client Associates Alternate Fund, added:
“Their innovation-led approach sets them apart. We believe Miraggio has the potential to redefine the Indian handbag and accessories industry.”
Piyush Goenka, Managing Partner at Prath Ventures, emphasized:
“Miraggio is a rare mix of design-centric thinking and operational excellence. We’re proud to back a brand setting new benchmarks for Indian fashion.”