Pharmaceutical packaging company Sorich has raised $1 million in a pre-IPO funding round, spearheaded by BizDateUp.
The funding will be used to scale up production, improve working capital, and support the development of patented products. Sorich also plans to invest in upgrading its machinery to manufacture high-margin items, including their recently introduced Heat Transfer Labels, the company announced in a press release.
Founded in 2011 by Chandrahas Kotian, Sorich specializes in manufacturing and supplying packaging materials for industries such as pharmaceuticals, food, and personal care. Their product portfolio includes aluminum foils, coated glassine paper, and flexible packaging, with applications spanning across the pharmaceutical, food and dairy, confectionery, and personal care sectors.
With a mission to elevate global health standards through cutting-edge packaging technology, Sorich has seen a rising demand for its innovative solutions. This includes advanced products like child-resistant foils and extrusion laminate.
The pharmaceutical packaging market is projected to grow significantly, with the World Packaging Organization (WPO) forecasting its value to reach $229.9 billion by 2027, at a compound annual growth rate (CAGR) of 14.9%.
Sorich reported a turnover of $2.4 million for the fiscal year 2023-24 and aims to hit $7.2 million this year. The company is also expanding into Sikkim, with expected revenue contributions of $1.8 to 2.4 million, further underlining its aggressive market expansion strategy.