Delhi-based fashion handbag and accessories brand Miraggio has raised Rs 55 crore (approximately $6.5 million) in a fresh funding round aimed at accelerating its growth and expanding its retail footprint across India.
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 new capital into expanding its product range, enhancing its offline and online retail presence, and strengthening its supply chain and tech infrastructure.
“This investment marks a pivotal moment for us as we look to scale our operations and deepen our connection with the growing base of fashion-conscious Indian consumers,” said Mohit Jain, founder and CEO of Miraggio. Founded in 2019, Miraggio has positioned itself as a premium yet affordable fashion brand catering to women aged 18 to 35 across tier I, II, and III cities. The company aims to bridge the gap between luxury aesthetics and accessible pricing—a niche it believes is underserved in India’s handbag and accessories market.
Jain shared that a large portion of the funds will go towards establishing 15 to 20 exclusive brand stores over the next two years. “We’re building a brand that blends aspirational design with high quality and affordability, and part of that journey includes having our physical stores to offer a complete brand experience,” he said. The company is also planning a major product expansion, with over 500 new items expected to launch in the next 18 months. These will include new handbag styles such as clutches, laptop bags, backpacks, mini bags, and small leather goods, with longer-term plans to explore other fashion accessories.
Miraggio ended FY25 with a gross merchandise value (GMV) of over Rs 110 crore and is aiming to nearly double that figure in the coming year. Currently, 75% of its sales come from online marketplaces, while 25% are generated through its website. To date, the brand has fulfilled over one million orders. Commenting on the investment, Abhishek Goenka, Managing Partner at RPSG Capital Ventures, said, “In a fragmented and rapidly evolving market, Miraggio stands out for its ability to combine design, quality, and an elevated customer experience at an accessible price point.”
Echoing this sentiment, Shivam Diwan, Executive Director at Client Associates Alternate Fund, said the brand has strong potential to redefine the fashion accessories space in India. Miraggio last raised $1.2 million in 2023, bringing its total funding to $7.7 million to date.