Bandar Foods, a San Francisco, CA-based ethnic food product company, received a convertible debt funding of undisclosed amount.
The round was led by Karl Ulrich, Wharton Business School’s vice dean of innovation, and August Capital Partners, a Singapore-based institutional investment firm.
The company intends to use the funds to continue to grow sales and launch a number of projects planned for 2014 including new condiment and crisp flavors, growth into US foodservice, and more brand extensions.
Co-founded by Lalit Kalani and Dan Garblik, were MBA students at Wharton Business School, Bandar aims to reimagine Indian flavors for everyday American use” ethnic food aisle. The company, which invented the concept of squeezable Indian chutney, launched its first two condiments in May 2013 and, within the first year on shelves, has grown to over 1000 stores across the US, Canada and UAE.
The products are now sold in such chains such as Whole Foods, Safeway, and Fresh Market.
Bandar recently expanded its condiment line and launched its first flavors of poppadum lentil crisps.