Homegrown fashion brand Miraggio raises Rs 55 crore for retal expansion and building supply-chain strength

Miraggio, a fashion handbag and accessories brand, has raised Rs 55 crore ($6.5 million) in a Series A funding round was led by RPSG Capital Ventures and Client Associates Alternate Fund, with participation from Prath Ventures.

The startup said the latest capital will fuel its next phase of growth, with a focus on product portfolio, retail expansion, as well as building supply chain strength. With a focus on Tier 2 and 3 markets to meet India’s growing aspirational demand, Miraggio will focus on creating a robust, omnichannel ecosystem to make premium handbags more accessible to modern Indian women, the release notes.

Planning to introduce new products

Miraggio will introduce 500+ new products over the next 18 months and expand into additional handbag and accessory categories. The startup will also use the funding to build a stronger supply chain operation across Asia with sourcing from multiple countries. The handbags market in India is forecasted to grow by $2 billion during 2024-2029, with a clear gap for premium brands.

"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 Mohit Jain, Founder & CEO, Miraggio.

Investors comment

Abhishek Goenka, Managing Partner, RPSG Capital Ventures, commented, “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."

Commenting on the funding Shivam Diwan, Executive Director, Client Associates Alternate Fund, shared, “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."

Speaking about the investment, Piyush Goenka, Managing Partner, Prath Ventures, added,“ 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.”