Gurgaon, May 20, 2025 — Miraggio, a rising star in India’s fashion accessories space, announced today that it has raised ₹55 crore (~$6.5 million) in a Series A round led by RPSG Capital Ventures and Client Associates Alternate Fund, with participation from Prath Ventures.
The Gurgaon-based brand, founded by Mohit Jain in 2019, has quickly emerged as a leader in the affordable premium handbags market. With over 1 million orders and a customer base of 700,000+, the company plans to use the funds to expand its product categories, bolster its supply chain across Asia, and accelerate its omnichannel retail presence, especially in Tier 2 and Tier 3 markets.
“This funding marks a pivotal moment for us,” said Mohit Jain, Founder & CEO, Miraggio.
ikm“We’re focused on building a truly aspirational yet accessible brand that reflects India’s evolving style sensibilities.”
Funding Objectives: Growth with Design and Distribution
Miraggio’s growth strategy centers around:
- Launching 500+ new products in the next 18 months
- Entering new handbag and accessory categories
- Strengthening sourcing and supply chain operations across multiple Asian countries
- Deepening retail experiences through a robust omnichannel model
The brand aims to fill a visible gap in India’s handbag market for premium design at affordable pricing, tapping into global fashion trends with a localised approach.
What the Investors Are Saying
“Miraggio is rapidly emerging as a defining force in India's fashion accessories space,” said Abhishek Goenka, Managing Partner, RPSG Capital Ventures.
“Their ability to combine aspirational design with value and experience is unique in this fragmented market.”
Shivam Diwan, Executive Director, Client Associates Alternate Fund, added:
“Their commitment to innovation positions them well to reshape the Indian handbag and accessories landscape.”
“We see in Miraggio a rare combination of design-led thinking and execution excellence,” said Piyush Goenka, Managing Partner, Prath Ventures.
“They’re setting new benchmarks for Indian fashion brands.”
Market Outlook: A $2 Billion Opportunity
India’s handbag market is projected to grow by $2 billion between 2024 and 2029, driven by rising disposable incomes and growing demand for affordable luxury. Despite the growth, premium-accessible brands remain underrepresented — an opportunity Miraggio is well-positioned to seize.
About Miraggio
Launched in 2019, Miraggio has built a brand identity around bold design, craftsmanship, and affordable luxury for modern Indian women. Its products have gained popularity across digital platforms and emerging offline channels, helping it become one of the fastest-growing handbag brands in the country.
Official website: https://miraggiolife.co
Our Opinion on the News
Miraggio’s Series A raise signals a vote of confidence in India’s premium fashion accessories market, especially from institutional capital with a sharp eye for brand scalability and consumer affinity.
With design-led differentiation, omnichannel readiness, and high engagement in non-metro markets, Miraggio checks key boxes for modern D2C success. Importantly, the company’s ability to blend global aesthetics with local pricing sensibility could make it a category leader.
As India’s fashion ecosystem matures, Miraggio’s rise offers a blueprint for building a brand that doesn’t just follow trends — it sets them.