Miraggio Raises $6.5 Mn In Series A Round Led By RPSG Capital, Others

Miraggio, a fashion handbag and accessories brand has raised $6.5 million in its first institutional round led by early-stage consumer venture capital fund RPSG Capital Ventures. 

The funding round also saw participation from Client Associates Alternate Fund and Prath Ventures.

The funds will be used to open more stores, build the brand, improve technology and hire more people.

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"Buying behaviour in a category like handbags is not just about the design but also the brand you're carrying. That's why we're focused on premiumising the brand and making it more aspirational. We’re opting for exclusive brand outlets (EBOs), which give us greater control over the store experience. Moreover, with our own stores and staff, we can better engage with customers, gather valuable data, and build a loyal base of repeat buyers," said, Mohit Jain, Founder of Miraggio.

Abhishek Goenka, managing partner, RPSG Capital Ventures, said, “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'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,” said Shivam Diwan, executive director, Client Associates Alternate Fund.

About Miraggio 

Founded in 2019 by Mohit Jain, Miraggio sells a variety of handbags and accessories like shoulder bags, satchels, crossbody bags, backpacks, and cardholders. Unlike traditional fashion brands that launch collections seasonally, Miraggio releases new collections every month to keep up with global trends.

Its products are available on its own website and on platforms like myntra, Amazon, AJIO, nykaa, and Tata CLiQ. It has also started selling through quick commerce platforms.

The company plans to launch over 500 new products in the next 18 months and expand into more handbag and accessory categories. These will include laptop bags, backpacks, mini bags, clutches, and small leather items.

Miraggio ended FY25 with over ₹110 crore in gross merchandise value (GMV) and is now aiming for ₹200 crore. About 25% of its sales come from its own website, while 75% come from online marketplaces. So far, the brand has completed over one million orders.

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