Brands
Miraggio raises Rs 55 crore in Series A to bag bigger ambitions in India’s accessories game
MUMBAI: India’s fashion handbag market just found its next contender for the spotlight. Miraggio, the homegrown accessories label known for trendy handbags, secured Rs 55 crore (approximately $6.5 million) in a Series A round led by RPSG Capital Ventures and Client Associates Alternate Fund, with Prath Ventures joining the cap table.
Founded in Gurgaon, Miraggio has racked up over one million orders and plans to scale fast. With the fresh capital, the brand aims to expand its product portfolio, tap into tier two and three cities, and build a sturdy omnichannel strategy to make aspirational handbags accessible to India’s modern woman.
“We are thrilled to welcome our new investors on board and truly value their belief in Miraggio’s long-term vision. 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 Miraggio founder & CEO Mohit Jain.
The brand is set to launch over 500 new products in the next 18 months and expand its sourcing network across Asia. This includes strengthening supply chains across multiple countries to meet growing demand. With India’s handbag market projected to grow by $2 billion between 2024-2029, the runway appears long.
RPSG Capital Ventures Abhishek Goenka praised the startup’s ability to mix style with value. “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. We’ve been deeply impressed by the clarity of Mohit’s vision and are excited to support him and the team as they lead the charge towards becoming India’s go-to destination for fashion-forward accessories”.
Echoing the sentiment, Client Associates Alternate Fund Shivam Diwan added, “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. This investment is in line with our mission to support companies that are not just growing, but driving real change and offering something new to the market”.
Prath Ventures Piyush Goenka also remarked, “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”.
As India’s appetite for fashionable yet functional accessories rises, Miraggio now looks to stitch together scale, relevance, and retail punch.
Brands
FSS names Anand Krishnamurthi head of global digital delivery
Tech veteran to drive AI-first, cloud-led transformation in payments globally
CHENNAI: Financial Software and Systems (FSS), an AI-first payment infrastructure company, has appointed Anand Krishnamurthi as head of global digital delivery.
In his new role, Anand Krishnamurthi will lead FSS’s global digital delivery capabilities, focusing on AI-first and cloud-led transformation while ensuring predictable, high-quality outcomes for customers worldwide. He will be based in Chennai and report to V. Balasubramanian, CEO of FSS.
Bringing 28 years of experience in technology and digital transformation across banking, capital markets, financial services, and insurance, Anand has held senior leadership positions at Cognizant and NuSummit. He is recognised for scaling multi-geography delivery teams, leading mission-critical platforms, and embedding AI-driven automation in complex, regulated environments.
“What drew me to FSS is its deep payments expertise, strong product DNA, and the scale at which its platforms power real-world financial ecosystems,” said Anand Krishnamurthi. “I aim to strengthen delivery predictability, execution rigor, and engineering quality, building empowered teams that deliver measurable customer outcomes. FSS has a unique opportunity to create real-time, AI-infused payments infrastructure that is resilient, secure, and globally scalable.”
V. Balasubramanian added, “Anand’s track record in leading multi-geography delivery programs and AI-first operating models makes him the ideal leader for FSS as we accelerate our AI-driven digital payments business. His leadership will help us raise the bar for outcomes globally.”
This appointment is part of FSS’s broader push to build an AI-powered, cloud-native delivery organisation capable of meeting the evolving needs of banks, fintechs, and financial institutions worldwide.
