MUMBAI: India’s fashion handbag market just found its next contender for the spotlight. Miraggio, the homegrown accessories label known for trendy handbags, secured Rs 55 crore (approximately $6.5 million) in a Series A round led by RPSG Capital Ventures and Client Associates Alternate Fund, with Prath Ventures joining the cap table.
Founded in Gurgaon, Miraggio has racked up over one million orders and plans to scale fast. With the fresh capital, the brand aims to expand its product portfolio, tap into tier two and three cities, and build a sturdy omnichannel strategy to make aspirational handbags accessible to India’s modern woman.
“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”, said Miraggio founder & CEO Mohit Jain.
The brand is set to launch over 500 new products in the next 18 months and expand its sourcing network across Asia. This includes strengthening supply chains across multiple countries to meet growing demand. With India’s handbag market projected to grow by $2 billion between 2024-2029, the runway appears long.
RPSG Capital Ventures Abhishek Goenka praised the startup’s ability to mix style with value. “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”.
Echoing the sentiment, Client Associates Alternate Fund Shivam Diwan added, “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”.
Prath Ventures Piyush Goenka also remarked, “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”.
As India’s appetite for fashionable yet functional accessories rises, Miraggio now looks to stitch together scale, relevance, and retail punch.