Gurgaon, May 2025 — Homegrown handbag and accessories brand Miraggio, which has quickly built a loyal fan base of over 1 million customers, is stepping into its next phase of growth with a fresh ₹55 crore (approx. $6.5 million) fund infusion. The Series A round was led by RPSG Capital Ventures and Client Associates Alternate Fund, with backing from Prath Ventures.
Founded in 2019 by Mohit Jain, Miraggio has grown to become one of the fastest-rising names in India’s fashion accessories landscape. Known for its blend of contemporary global styles with accessible pricing, the brand is now gearing up to deepen its roots across India — particularly in Tier 2 and Tier 3 cities — and strengthen its omnichannel presence.
“This marks a new chapter for us,” said Mohit Jain, Founder & CEO, Miraggio. “We’re not just selling handbags — we’re building an aspirational, design-first brand that resonates with modern Indian women who want quality and style without compromise. With this funding, we’re excited to elevate the Miraggio experience even further.”
The new funds will fuel the expansion of Miraggio’s product portfolio (with 500+ new designs expected over the next 18 months), bolster supply chain operations across Asia, and enhance retail and digital footprints. A clear goal? To make premium handbags more accessible, while setting benchmarks for quality and innovation.
The market opportunity is significant — India’s handbag segment is projected to grow by $2 billion by 2029, yet remains underserved in the premium affordable bracket.
“Miraggio is carving out a unique space with fashion-forward designs and smart price positioning,” said Abhishek Goenka, Managing Partner at RPSG Capital Ventures. “We believe the brand has the potential to become a go-to destination for fashion accessories in India.”
Shivam Diwan, Executive Director, Client Associates Alternate Fund, added: “In a crowded category, Miraggio has managed to stand out. Their commitment to design innovation and customer experience positions them strongly for the future.”
Echoing this, Piyush Goenka, Managing Partner at Prath Ventures, noted, “They’re scaling fast — but what excites us most is the clarity and ambition with which they’re redefining Indian fashion entrepreneurship.”
About the Brand
With its eye firmly on global fashion trends and a heart rooted in Indian aspirations, Miraggio is rewriting the script for what accessible luxury looks like. From Gen Z trendsetters to working professionals, the brand is resonating across demographics — one stylish bag at a time.
The coming months will be critical as Miraggio ramps up innovation, scales operations, and solidifies its space in India’s growing fashion retail landscape.
