Miraggio, a rising name in India’s direct-to-consumer (D2C) fashion accessory landscape, has successfully raised $6.5 million in its first institutional funding round. The investment comes at a pivotal time as the brand embarks on a new phase of aggressive retail expansion focused on building immersive, experiential shopping environments. RPSG Capital Ventures and Client Associates Alternate Fund led the funding round, with support from Prath Ventures. This capital infusion positions Miraggio for substantial growth in India’s underserved yet rapidly maturing Tier II and Tier III markets.
The company, known for its sleek and fashionable handbags and accessories targeted primarily at millennial and Gen Z women, has already established a strong presence in the online D2C space. With this latest funding, Miraggio now intends to transition from a digital-first model into a well-rounded omnichannel brand. The planned rollout of 15 to 20 exclusive brand outlets (EBOs) over the next two years marks a significant shift in strategy. These outlets will not merely function as sales points but will act as experiential hubs where consumers can interact directly with the brand.
Strategic Shift: From Online Dominance to Offline Immersion
Miraggio entered the D2C market in 2020, amid a rising tide of fashion-conscious, digitally-savvy Indian consumers seeking affordable luxury. In a short time, the brand captured a loyal customer base through sharp branding, a focused product line, and robust digital marketing. However, founders recognized that creating a physical presence could strengthen brand recall and trust—two essential elements for scaling sustainably in fashion retail.
The team designed the offline strategy to align with shifting consumer behavior. While e-commerce continues to grow, a substantial segment of Indian shoppers—particularly in non-metro areas—still prefers the tactile experience of shopping in-store. By entering Tier II and III cities first, Miraggio wants to gain early mover advantage in regions poised for a consumer spending boom.
Investors See Long-Term Value in the Tier II and III Push
RPSG Capital Ventures, the investment arm of the RP-Sanjiv Goenka Group, backed the vision with conviction. Their portfolio includes several high-potential consumer-facing ventures, and they view Miraggio as a brand with deep resonance among India’s rising aspirational class. Client Associates Alternate Fund also participated, aligning with its mandate to back fast-scaling ventures. Prath Ventures brought its consumer-sector expertise into the fold as well.
Investors believe that India’s next wave of retail growth will come from beyond the metros. Consumption in Tier II and III cities is growing faster than in larger urban centers, spurred by rising disposable incomes, improved internet connectivity, and aspirational lifestyle shifts. By planting retail roots early in these locations, Miraggio seeks to tap into this trend and establish lasting brand loyalty.
Experiential Retail: Creating Memorable In-Store Journeys
Miraggio plans to reimagine what retail stores can offer in the age of digital saturation. Its physical outlets will not follow traditional store layouts. Instead, they will deliver immersive, design-driven spaces where brand storytelling takes center stage. Customers will encounter curated collections, interactive displays, and services that integrate both digital and physical elements.
The company will leverage technology in-store to offer features such as virtual try-ons, personalized styling suggestions, and exclusive app-based benefits. It aims to turn each visit into a holistic lifestyle experience rather than a transactional stop. The stores will also host events, product launches, and collaborations that reflect the brand’s bold and contemporary identity.
Product Innovation and Portfolio Expansion
While retail expansion remains the central focus, Miraggio also plans to use part of the capital to innovate across its product portfolio. Currently known for handbags that blend affordability with aspirational design, the company will broaden its offerings to include travel accessories, wallets, belts, and tech-enabled fashion gear.
To sustain interest in its products, Miraggio will invest in design talent, market research, and agile production cycles. It intends to keep its collections fresh and in sync with global trends while retaining the Indian consumer’s aesthetic and functional preferences. Sustainability and ethical sourcing will also take higher priority as the brand matures.
Building a Tech-Enabled, Omnichannel Ecosystem
Miraggio’s vision does not rest solely on physical expansion. The founders view experiential retail as one piece of a larger omnichannel puzzle. With an already strong e-commerce presence, the brand now aims to integrate its digital and physical touchpoints seamlessly. Customers should enjoy a consistent experience whether they shop online or offline.
To support this, the brand will invest in proprietary tech infrastructure, including inventory management systems, customer relationship tools, and data analytics platforms. The goal is to personalize marketing, streamline logistics, and predict consumer demand with greater precision.
The mobile app, which has served mainly as an e-commerce platform so far, will evolve into a lifestyle companion. It will offer exclusive content, event invites, loyalty programs, and store-based interactive features. By bridging online convenience with offline engagement, Miraggio aims to build long-term customer relationships.
Employment Generation and Local Economic Impact
The retail rollout will also generate new employment opportunities, particularly in Tier II and III markets where jobs in organized retail remain limited. Each outlet will require trained staff, logistics support, local marketing teams, and operational managers. Miraggio plans to upskill local youth, offering them career opportunities in modern retail and customer experience management.
This approach not only supports the brand’s expansion but also aligns with India’s broader economic development goals. By creating decentralized retail ecosystems, Miraggio contributes to the shift of employment and innovation away from metropolitan hubs.
Competitive Landscape and Differentiation
India’s fashion accessory market is becoming increasingly crowded. Global giants, legacy players, and new-age startups are all vying for consumer attention. In this competitive environment, Miraggio relies on three pillars for differentiation: affordable luxury, design innovation, and consumer intimacy through experiential retail.
Brands like Hidesign, Lavie, and Baggit have long dominated parts of the segment. However, Miraggio believes its millennial-friendly designs and tech-enabled approach offer a fresher, more adaptive alternative. By focusing on communities outside the metros, the brand avoids direct confrontation with more entrenched players in saturated markets.
Vision for the Future
Miraggio does not view this funding round as a destination but rather as a springboard. The founders aim to build an aspirational Indian brand that resonates globally. Once the domestic omnichannel presence stabilizes, they plan to explore international markets—starting with the Indian diaspora in Southeast Asia, the Middle East, and the UK.
The company also intends to experiment with co-branded products, influencer-driven capsule collections, and possibly pop-up experiences in partnership with fashion and lifestyle platforms.
Conclusion
Miraggio’s $6.5 million fundraise marks a bold step in India’s evolving fashion retail story. The brand understands that the future lies in blending online convenience with offline engagement, especially in regions that are only beginning to experience the full force of modern consumerism. With strategic investor backing and a clear expansion roadmap, Miraggio stands poised to redefine how young Indians shop for fashion accessories—making the process more immersive, accessible, and stylish than ever before.