• Miraggio raised ₹55 crore ($6.5 million) in a Series A funding round led by RPSG Capital Ventures and Client Associates Alternate Fund.
  • The brand plans to launch over 500 new products in the next 18 months and expand its supply chain across Asia.

Homegrown fashion brand Miraggio, known for its handbags and accessories, has raised ₹55 crore (approximately $6.5 million) in a Series A funding round. The round was led by RPSG Capital Ventures and Client Associates Alternate Fund, with additional backing from Prath Ventures.

The company plans to channel the funds toward retail expansion, enhancing its product portfolio, and strengthening its supply chain operations across Asia. With an emphasis on Tier 2 and 3 cities, Miraggio is targeting India’s growing aspirational consumer base and aims to build a robust omnichannel ecosystem that makes premium handbags more accessible to modern Indian women.

Over the next 18 months, Miraggio intends to introduce more than 500 new products and diversify into new handbag and accessory categories. The funding will also support a more agile and diversified supply chain by sourcing from multiple Asian countries.

According to market estimates, the handbags sector in India is expected to grow by $2 billion between 2024 and 2029, highlighting a significant opportunity for premium brands like Miraggio to fill the gap.

Commenting on the development, 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... We’re excited to shape the next chapter of Miraggio's growth story.”

Abhishek Goenka, Managing Partner at RPSG Capital Ventures, noted the brand’s appeal in a fragmented market:

“Miraggio stands apart in its ability to offer exceptional value for money... making it especially relevant to India’s new-age consumers.”

Shivam Diwan of Client Associates Alternate Fund and Piyush Goenka of Prath Ventures echoed similar confidence in Miraggio’s innovative approach and execution excellence.

Edited by Harshajit Sarmah