Handbag Brand Miraggio Raises Rs 55 Crore in Series A Round
• Miraggio raised Rs 55 crore ($6.5 million) in Series A funding
• Round led by RPSG Capital Ventures and Client Associates Alternate Fund
• Participation from Prath Ventures
Miraggio, one of India’s fastest-growing fashion handbag and accessories brands, has announced a Rs 55 crore ($6.5 million) Series A funding round. The round was led by RPSG Capital Ventures and Client Associates Alternate Fund, with additional participation from Prath Ventures.
Since its inception, Miraggio has delivered over 1 million orders, establishing itself as a prominent player in the premium yet accessible handbag segment. With this new infusion of capital, the company aims to strengthen its product portfolio, expand retail operations, and bolster its supply chain capabilities across Asia. The brand also plans to launch more than 500 new products over the next 18 months, marking a significant step in its growth journey.
The fresh funds will support Miraggio’s ambition to build an aspirational yet affordable fashion label catering to modern Indian women, particularly in Tier 2 and Tier 3 cities. The brand is also eyeing the development of a robust omnichannel ecosystem to enhance its accessibility and customer engagement across digital and physical touchpoints.
Commenting on the funding, Mohit Jain, Founder & CEO of Miraggio, said, “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 at RPSG Capital Ventures, noted, “Miraggio is rapidly emerging as a defining force in India’s fashion accessories space. In a highly fragmented and dynamic market, Miraggio stands apart with its ability to combine aspirational design, quality, and value at a premium yet affordable price point”.
Shivam Diwan, Executive Director of Client Associates Alternate Fund, added, “Miraggio’s commitment to innovation and design has positioned them uniquely. We believe they have the potential to reshape the handbag and accessories industry in India”.
Echoing similar sentiments, Piyush Goenka, Managing Partner of Prath Ventures, stated, “Miraggio blends design-led thinking with execution excellence. We’re proud to back a brand that is setting new benchmarks for what Indian fashion brands can achieve”.
As the Indian handbag market is projected to grow by $2 billion between 2024 and 2029, Miraggio aims to tap into the emerging demand for premium products among aspirational consumers, further cementing its position as a go-to destination for fashion-forward accessories.
• Round led by RPSG Capital Ventures and Client Associates Alternate Fund
• Participation from Prath Ventures
Miraggio, one of India’s fastest-growing fashion handbag and accessories brands, has announced a Rs 55 crore ($6.5 million) Series A funding round. The round was led by RPSG Capital Ventures and Client Associates Alternate Fund, with additional participation from Prath Ventures.
Since its inception, Miraggio has delivered over 1 million orders, establishing itself as a prominent player in the premium yet accessible handbag segment. With this new infusion of capital, the company aims to strengthen its product portfolio, expand retail operations, and bolster its supply chain capabilities across Asia. The brand also plans to launch more than 500 new products over the next 18 months, marking a significant step in its growth journey.
The fresh funds will support Miraggio’s ambition to build an aspirational yet affordable fashion label catering to modern Indian women, particularly in Tier 2 and Tier 3 cities. The brand is also eyeing the development of a robust omnichannel ecosystem to enhance its accessibility and customer engagement across digital and physical touchpoints.
Commenting on the funding, Mohit Jain, Founder & CEO of Miraggio, said, “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 at RPSG Capital Ventures, noted, “Miraggio is rapidly emerging as a defining force in India’s fashion accessories space. In a highly fragmented and dynamic market, Miraggio stands apart with its ability to combine aspirational design, quality, and value at a premium yet affordable price point”.
Shivam Diwan, Executive Director of Client Associates Alternate Fund, added, “Miraggio’s commitment to innovation and design has positioned them uniquely. We believe they have the potential to reshape the handbag and accessories industry in India”.
Echoing similar sentiments, Piyush Goenka, Managing Partner of Prath Ventures, stated, “Miraggio blends design-led thinking with execution excellence. We’re proud to back a brand that is setting new benchmarks for what Indian fashion brands can achieve”.
As the Indian handbag market is projected to grow by $2 billion between 2024 and 2029, Miraggio aims to tap into the emerging demand for premium products among aspirational consumers, further cementing its position as a go-to destination for fashion-forward accessories.
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