BizDateUp has led a USD 1 million pre-IPO funding round in Sorich, a pharmaceutical packaging startup. The funds will be used to optimise production, bolster working capital, and further develop patented products that meet necessary certifications. The investment will also help upgrade existing machinery, particularly for the production of high-margin items like Heat Transfer Labels (HTL).
Sorich aims to deliver health-enhancing packaging solutions through its innovations. The company reported a turnover of USD 2.4 million in the 2023-24 fiscal year, and is targeting threefold growth in the current fiscal year. Sorich’s expansion into Sikkim is expected to contribute an additional USD 1.8 to 2.4 million in revenue.
Sorich’s products have seen increasing demand, particularly in areas like child-resistant foils and extrusion laminates. Its patented Pharma Lidding foil has gained recognition from Zydus Healthcare, strengthening its position within the pharmaceutical packaging sector.
Chandrahas Kotian, Founder of Sorich, highlighted concerns about chemicals leaching into food and pharmaceutical packaging, saying, “Recent studies have revealed that thousands of chemicals used in food packaging and production are leaching into the food itself, with over 3,600 chemicals identified in human bodies, some of which pose health risks while little is known about others. This issue extends to pharmaceutical packaging as well.”
Kotian added, “At Sorich, we are committed to revolutionising pharmaceutical packaging through quality, innovation, and sustainability. Through the investment, we aim to deliver packaging solutions that improve human health and lead the industry with innovative practices in pharmaceutical packaging.”
BizDateUp co-founder Jeet Chandan commented on the investment, “In recent times, the pharmaceutical landscape has undergone a rapid evolution. Changing market demands, rising costs, and increasingly stringent regulations present new challenges that pharmaceutical companies must navigate to achieve success.” He further added, “This investment embodies our core belief in the transformative potential of Sorich’s innovative solutions.”
Jyotir Jain, Director of BizDateUp, also stated, “At BizDateUp, our mission is to empower startups that challenge the status quo and drive innovation. Pharmaceutical packaging is undergoing constant evolution, with new advancements guiding the industry toward a future where efficiency, reliability, and safety are essential.”
The World Packaging Organization (WPO) projects the pharmaceutical packaging market will reach USD 229.9 billion by 2027, growing at a compound annual growth rate (CAGR) of approximately 14.9 per cent. The rise in demand for packaging solutions, combined with increasing consumer awareness of healthier lifestyles and an ageing population, has boosted growth in the sector.
Sorich’s next steps will focus on scaling its cutting-edge packaging solutions, aligning with global healthcare standards, and addressing growing industry needs.