In the pre-IPO funding round headed by BizDateUp, pharmaceutical packaging startup Sorich has raised $1 million.
According to Sorich in a press release, the money raised will be used to improve working capital, maximize production capacity, facilitate the development of patented products and the required certifications, and upgrade current machinery to produce high-margin goods like the recently released Heat Transfer Labels.
Sorich is a manufacturing and supply company founded in 2011 by Chandrahas Kotian. It serves a range of industries, including food, personal care, and pharmaceuticals. It produces a variety of goods, such as coated glassine paper, flexible packaging, and aluminum foils. The food and dairy, confectionary, pharmaceutical, and personal care industries all use its products.
Sorich wants to improve human health worldwide by using cutting-edge packaging technology. It says that there is an increased need for creative solutions, especially in areas like extrusion laminate and foils that are safe for children.
The pharmaceutical packaging market is anticipated to reach $229.9 billion by 2027, expanding at a roughly 14.9% compound annual growth rate (CAGR), according to the World Packaging Organization (WPO).
With a goal of reaching $7.2 million in the current fiscal year, Sorich claims to have a turnover of $2.4 million in 2023–2024. The company’s anticipated $1.8–2.4 million in additional revenue from its planned expansion into Sikkim will demonstrate its calculated approach to market penetration.
