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Pharmaceutical packaging startup Sorich raises $1 Mn

Entrackr · 1m

Pharmaceutical packaging startup Sorich has raised $1 million in the pre-IPO funding round led by BizDateUp. The proceeds will be utilized to optimize production capacity, enhance working capital, facilitating the development of patented products & necessary certifications, and upgrading existing machinery to produce high-margin products, including the recently introduced Heat Transfer Labels, Sorich said in a press release. Launched in 2011 by Chandrahas Kotian, Sorich manufactures and supplies packaging materials for various industries, including pharmaceuticals, food, and personal care. It manufactures a range of products, including aluminum foils, coated glassine paper, and flexible packaging. Its’ products are used in the pharmaceutical, food and dairy, confectionery, and personal care industries. Sorich aims to enhance global human health through advanced packaging technology. It claims that its demand for innovative solutions has surged, particularly in areas such as child-resistant foils and extrusion laminate. According to the World Packaging Organization (WPO), the pharmaceutical packaging market is expected to reach $229.9 billion by 2027, growing at a compound annual growth rate (CAGR) of approximately 14.9% Sorich claims to have a turnover of $2.4 million in 2023-24 with a target of reaching $7.2 million in the current fiscal year. The company’s planned expansion into Sikkim is expected to generate an additional $1.8 to 2.4 million in revenue, showcasing its strategic approach to market penetration.