Fashion handbag and accessories brand Miraggio has secured $6.5 million (approximately ₹55 crore) in a funding round spearheaded by RPSG Capital Ventures, an early-stage consumer-focused VC firm, along with Client Associates Alternate Fund.
The round also included participation from Prath Ventures.
The company plans to use the capital to expand its retail presence, strengthen brand visibility, enhance technology integration, and grow its team.
“There was a significant gap in the Indian market that we are trying to fill — offering luxury or premium-quality products with a premium brand experience at an affordable price point. A large part of this capital raise will go towards setting up offline stores. We will be launching our own brand stores,” founder and chief executive officer Mohit Jain said.
As part of its expansion strategy, the startup aims to launch 15 to 20 retail stores across the country within the next two years.
Furthermore, founded in 2019, the Delhi-based fashion handbag brand plans to introduce over 500 new products in the next 18 months. This expansion will include a diverse range of handbag and accessory categories, such as laptop bags, backpacks, mini bags, clutches, and small leather goods.
“Later, in time, we might get into other fashion accessories as well,” said Jain.
Miraggio closed FY25 with a GMV of over ₹110 crore and is now eyeing a target of ₹200 crore. Currently, Miraggio generates 25% of its sales through its own website, while online marketplaces contribute the remaining 75%. To date, the brand has successfully fulfilled over one million orders.
“Our target audience primarily consists of women aged 18 to 35 from tier I, tier II, and tier III cities. They are social media savvy, digitally influenced, self-image conscious, and fashion oriented,” Jain said.
“Today, with widespread internet access and deep digital penetration, I think desire is no longer limited to just tier I cities. There is a significant market opportunity in tier II and tier III cities as well,” he added.
Miraggio raised $1.2 million in 2023, increasing its total funding to $7.7 million to date.
Commenting on the investment, Abhishek Goenka, managing partner, RPSG Capital Ventures, said, “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’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,” said Shivam Diwan, executive director, Client Associates Alternate Fund.
The fashion handbag brand Miraggio’s recent $6.5 million funding round not only highlights the company’s strong growth potential but also enables it to accelerate its expansion.
