Sorich, a pharmaceutical packaging startup, has successfully raised $1 million in a pre-IPO funding round led by BizDateUp. The funds will be allocated toward enhancing production capacity, optimizing working capital, upgrading machinery, and supporting the development of patented products. The company aims to focus on high-margin products, including its latest offering—Heat Transfer Labels.
Founded in 2011 by Chandrahas Kotian, Sorich has become a key supplier of packaging materials to various industries, including pharmaceuticals, food, and personal care. The company produces a wide range of packaging products, such as aluminum foils, coated glassine paper, and flexible packaging. These products are essential across several sectors, including pharmaceuticals, food and dairy, confectionery, and personal care.
With a vision to improve global health through advanced packaging technology, Sorich has seen a surge in demand for its innovative solutions, particularly for child-resistant foils and extrusion laminates.
According to the World Packaging Organization (WPO), the pharmaceutical packaging market is projected to grow to $229.9 billion by 2027, at a compound annual growth rate (CAGR) of approximately 14.9%. This growing market presents significant opportunities for Sorich as it continues to expand its product portfolio and global reach.
In the fiscal year 2023-24, Sorich reported a turnover of $2.4 million and has set an ambitious target to triple that figure, aiming for $7.2 million in the current fiscal year. The company also plans to expand its operations into Sikkim, which is expected to generate an additional $1.8 to $2.4 million in revenue. This strategic move highlights Sorich’s commitment to scaling its business and increasing market penetration.
By investing in new technologies and expanding its capabilities, Sorich is well-positioned to meet the growing demand for innovative packaging solutions, particularly in the rapidly expanding pharmaceutical sector.
