Sorich Pharmaceuticals Packaging Startup Secures $1 Million in Pre-IPO Funding
Bengaluru-based Sorich, a leading pharmaceutical packaging startup, has successfully raised $1 million in a pre-IPO funding round led by BizDateUp. This significant investment will enable the company to enhance its production capacity, working capital, and product development, while also updating its machinery to produce high-margin products.
Headquartered in Bengaluru, Sorich was founded in 2011 by Chandrahas Kotian. The company manufactures and supplies a range of packaging materials for various industries, including pharmaceuticals, food, and personal care. Its product portfolio includes aluminum foils, coated glassine paper, and flexible packaging, which are used extensively in the pharmaceutical, food, dairy, confectionery, and personal care industries.
Sorich’s mission is to enhance global human health through advanced packaging technology. In line with this vision, the company claims that there is a growing demand for innovative solutions, particularly in areas such as child-resistant foils and extrusion laminate.
The pharmaceutical packaging market is expected to experience significant growth, with the World Packaging Organization (WPO) forecasting a compound annual growth rate (CAGR) of approximately 14.9% and reaching $229.9 billion by 2027. In response to this trend, Sorich aims to expand its revenue to $7.2 million in the current fiscal year, with an additional $1.8 to 2.4 million generated from its planned expansion into Sikkim.
The pre-IPO funding will enable Sorich to focus on:
- Optimizing production capacity: Enhancing the company’s ability to meet the growing demand for its products.
- Enhancing working capital: Strengthening the company’s financial position to support its growth plans.
- Developing patented products: Creating innovative solutions that stay ahead of the competition.
- Upgrading existing machinery: Improving product quality and increasing efficiency.
With this significant investment, Sorich is poised to play a key role in the rapidly growing pharmaceutical packaging market.
