Miraggio, a fashion handbag and accessories brand, has raised ₹55 crore ($6.5 million) in a Series A funding round led by RPSG Capital Ventures and Client Associates Alternate Fund, with participation from Prath Ventures.
The fresh funds raised will be used for the product portfolio, and retail expansion, as well as building supply chain strength and creating an omnichannel ecosystem with a focus on Tier 2 and 3 markets.
The funding will also allow the company to build a stronger supply chain operation across Asia with sourcing from multiple countries.
Founded in 2019 by Mohit Jain, Miraggio designs and sells a premium range of handbags. It offers a range of products across categories such as tote bags, shoulder bags, and crossbody bags, primarily through online platforms and its own website.
Miraggio claims to have fulfilled more than 1 million orders to date.
Miraggio plans to introduce 500+ new products over the next 18 months and expand into additional handbag and accessory categories.
Mohit Jain, Founder & CEO, Miraggio, said, “We are thrilled to welcome our new investors on board and truly value their belief in Miraggio’s long-term vision. This funding marks a pivotal moment for us as we accelerate our journey toward becoming an omnichannel fashion handbag and accessories brand. With a sharper focus on delivering elevated retail experiences, expanding our product portfolio, and building deeper connections with customers across India, we’re excited to shape the next chapter of Miraggio’s growth story.”
Abhishek Goenka, Managing Partner, RPSG Capital Ventures, said, “Miraggio is rapidly emerging as a defining force in India’s fashion accessories space. In a highly fragmented and dynamic market, Miraggio stands apart in its ability to offer exceptional value for money, seamlessly combining aspirational design, quality, and experience with premium affordable pricing, making it especially relevant to India’s new-age consumers. We’ve been deeply impressed by the clarity of Mohit’s vision and are excited to support him and the team as they lead the charge towards becoming India’s go-to destination for fashion-forward accessories.”
Shivam Diwan, Executive Director, Client Associates Alternate Fund, said, “Miraggio has quickly captured attention with its fresh approach. Their commitment to innovation stands out, and it positions them well to make a big impact in the market. We’re excited to be a part of their journey, as we believe they have the potential to reshape the handbag and accessories industry in India. This investment is in line with our mission to support companies that are not just growing, but driving real change and offering something new to the market.”
Piyush Goenka, Managing Partner, Prath Ventures, said, “We see in Miraggio a rare combination of design-led thinking and execution excellence. We are proud to back a brand that is not only scaling rapidly but is also setting new benchmarks for what Indian fashion brands can achieve.”
