SUMMARY
- Sorich has secured $1 million in pre-IPO funding from BizDateUp.
- This funding will be used to improve production capabilities, boost working capital, and more.
- The WPO forecasts that the pharmaceutical packaging market will grow to $229.9 billion by 2027.
Pharmaceutical packaging startup Sorich has secured $1 million in pre-IPO funding from BizDateUp.
This funding will be used to improve production capabilities, boost working capital, support the development of patented items and required certifications, and modernize current equipment to produce products with higher profit margins, including the newly launched Heat Transfer Labels, Sorich announced in a statement.
Established in 2011 by Chandrahas Kotian, Sorich produces and distributes packaging supplies for a variety of sectors, such as pharmaceuticals, food, and personal care. It offers a diverse selection of items, including aluminum foils, coated paper, and flexible packaging, which are utilized in the pharmaceutical, food and dairy, confectionery, and personal care sectors.
Sorich aspires to improve global human health through high-tech packaging technology. It has seen a significant increase in demand for innovative products, especially in the development of child-resistant foils and extrusion laminate.
The World Packaging Organization (WPO) forecasts that the pharmaceutical packaging market will grow to $229.9 billion by 2027, with a compound annual growth rate (CAGR) of about 14.9%.
In the latest fiscal year, Sorich reported a turnover of $2.4 million and aims to achieve $7.2 million in the ongoing financial year. The company’s expansion into Sikkim is a well-planned expansion strategy into new markets which is anticipated to add $1.8 to $2.4 million to its revenue.
