BizDateUp, an ecosystem enabler for startups has announced an investment of $1 million in the pre-IPO funding round for Sorich Foils, a pharmaceutical packaging startup.
The funds raised will be used to optimize production capacity and enhance working capital, facilitating the development of patented products and necessary certifications. A considerable portion of the investment will also focus on upgrading existing machinery to produce high-margin products, including the recently introduced Heat Transfer Labels (HTL).
Chandrahas Kotian, founder, Sorich said, “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. These alarming findings have driven us to develop solutions aimed at preventing such contamination.”
“We are committed to revolutionizing 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,” he added.
Jeet Chandan, co-founder, BizDateUp said, “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. We are thrilled to support a company that is not only dedicated to quality and innovation but also positioned to make a substantial impact on global health through enhanced pharmaceutical packaging.”
Jyotir Jain, director, BizDateUp, stated, “Pharmaceutical packaging is undergoing constant evolution, with new advancements guiding the industry toward a future where efficiency, reliability, and safety are essential. Our investment in Sorich enables them to scale their solutions and elevate global healthcare standards.”
Founded in 2011, Sorich Foils engages in manufacturing and supplying a varied range of Aluminium Foils for Blister, Strip Foils, Cold Forming Foil, Coated Glassine Paper for Blister, Laminated Glassine Paper for Strip Pack, Child Resistant (CR) Foils, Aluminium Lid Foils, Triple Laminates, Flexible Packaging for Pharma & Food Industries, also FMCG packaging materials.
The demand for Sorich’s innovative solutions has surged, particularly in areas such as child-resistant foils and extrusion laminates. Furthermore, Sorich’s patented Pharma Lidding foil has received recognition from Zydus Healthcare, enhancing its reputation within the industry and positioning it for future advancements.
According to the World Packaging Organization (WPO), the pharmaceutical packaging market is expected to reach $229.9 billion by 2027, growing at a compound annual growth rate (CAGR) of approximately 14.9%.
Sorich claims to have a a turnover of $2.4 million in 2023-24 with a target of reaching $7.2 million in the current fiscal year. The company’s planned expansion into Sikkim is expected to generate an additional $1.8 to $2.4 million in revenue, showcasing its strategic approach to market penetration.
