MHYTH Raises ₹5 Crore in Pre-Seed Round Led by Mohammed Asief Khan

MHYTH, a premium innerwear, apparel, and lifestyle brand, has announced a ₹5 crore pre-seed investment round—valued at approximately $600,000—representing a key development in its mission to establish a world-class luxury label rooted in India.

The funding comes from a single-family office based in Mumbai, with businessman Mohammed Asief Khan leading the investment. This follows MHYTH's earlier angel funding in December 2024, which included backing from Nine Rivers Capital, a Mumbai-headquartered asset management firm. The successive funding rounds underscore growing investor confidence in the brand's global potential and India-centric positioning.

MHYTH was founded by entrepreneur Mitali Rai and operates as a comprehensive premium retail destination merging aesthetics, utility, and ease of wear. Its product range encompasses designer lingerie, body-shaping garments, sleepwear, vacation wear, casual loungewear, dresses, and everyday essentials—all designed for consumers who value both style and practical functionality.

The brand identifies itself as competing in a space alongside established international players such as Victoria's Secret, Hunkemöller, Savage X Fenty, Marks & Spencer, La Senza, Calvin Klein, and Agent Provocateur. However, rather than mirroring existing global strategies, MHYTH is carving out a distinctly Asian and Indian luxury approach, targeting underserved market segments in terms of fit, cost, and consumer expectations specific to the region.

Rai, serving as Founder and CEO, outlined the company's operational philosophy in a statement: "At MHYTH, execution drives everything we do. We are building with a clear focus on global standards while addressing real consumer needs and gaps in the market."

The brand launched in early 2025, initially establishing itself in Bengaluru and New Delhi. Vivek Mittal serves as Chief Operating Officer. The company employs an automation-focused, asset-light structure that enables flexibility while maintaining efficiency in manufacturing, stock levels, and delivery systems.

Despite receiving partnership proposals from mid-sized corporations, MHYTH has deliberately prioritized developing product caliber, aligning with customer preferences, and nurturing domestic manufacturing infrastructure. This decision is particularly significant given the sector's traditional reliance on Chinese and European manufacturing centers.

Through investment in local production capabilities and a lean-inventory, rapid-turnover operational model, MHYTH intends to provide designs comparable to international standards alongside superior tailoring and premium quality at more affordable rates. The approach is designed to appeal to India's expanding middle-class and upper-middle-class consumers while simultaneously preparing for eventual global market entry.

Khan commented on the investment rationale: "Great brands are built on sharp positioning and consistent execution. MHYTH has both, and I'm backing Mitali to establish it as a powerful and recognizable name in the global premium space from India."

India's luxury fashion and innerwear sectors are experiencing notable transformation, characterized by rising consumer education, expanding spending capacity, and heightened interest in comfort-focused premium goods. The new capital infusion is anticipated to enable brand development, product line growth, manufacturing improvements, and expanded market reach.

The investment reflects a broader pattern emerging from India's startup landscape, where Indian entrepreneurs are increasingly building luxury brands with international ambitions rather than limiting themselves to domestic competition. By emphasizing design innovation, consumer insights, and domestic manufacturing prowess, MHYTH aspires to position itself as both a fashion enterprise and a significant player in India's expanding premium retail ecosystem.