New York-headquartered Yoga Smoga Inc., which runs Yoga Smoga, a web experience and online store for yoga-inspired athletic apparel and accessories, has received Rs 5 crore ($900,000) funding from Mumbai Angels and a group of other unnamed US-based angel investors. The news was first reported by The Economic Times.
Founded in 2010 and incorporated in 2012 by US-based Indian-origin entrepreneur Rishi Bali, Yoga Smoga is a designer, manufacturer and retailer of athletic apparel. It develops fiber-to-consumer technological solutions to deliver proprietary high performance fabric and athletic gear. Yoga Smoga launched its online store in February this year. The company is now looking to launch an offline store in the US soon.
A Columbia University alumnus, Bali had worked with Goldman Sachs, D.B Zwirn & Co., Dillon Read Capital Management, Alphadyne Asset Management, etc. He had earlier started an early-stage venture fund Bali Investors Group.
This is the fifth international investment by Mumbai Angels. The group had earlier invested in US-based Screampoint, a 5D technology solutions provider, besides data-driven search marketing startup NetElixir and Exclusively.in, a fashion portal targeted at NRIs which was acquired by Myntra.