BizDateUp, amongst the largest ecosystem enablers for startups that provide comprehensive support services, has taken a significant step in the health and wellness sector by announcing a $1 million investment in the pre-IPO funding round for Sorich, an innovative company committed to revolutionising pharmaceutical packaging. This strategic investment is poised to elevate Sorich’s innovative solutions, propelling the company to new heights in its mission to enhance global human health through advanced packaging technology.
The funds raised will be utilized 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.
Recent performance metrics highlight Sorich’s rapid growth trajectory, reporting a turnover of USD 2.4 million in 2023-24 with a target of reaching USD 7.2 million in the current fiscal year. The company’s planned expansion into Sikkim is expected to generate an additional USD 1.8 to 2.4 million in revenue, showcasing its strategic approach to market penetration.
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, the pharmaceutical packaging market is expected to reach USD 229.9 billion by 2027, growing at a compound annual growth rate of approximately 14.9%. The report also notes that following the COVID-19 pandemic, around 2,600 tons of plastic waste were generated, with approximately 85% of healthcare waste consisting of packaging materials, and the remaining 15% comprising chemical and hazardous waste. Today, consumers are becoming aware of healthier lifestyles, easier access to healthcare facilities, and an increasing global ageing population, boosting the pharmaceutical packaging market.
Chandrahas Kotian, Founder of 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.”
He added, “At Sorich, 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.”
Speaking on the investment, Jeet Chandan, Co-Founder of 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.
”Additionally, Jyotir Jain, Director of BizDateUp, 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. Our investment in Sorich enables them to scale their cutting-edge solutions and elevate global healthcare standards, reflecting our commitment to fostering impactful growth across emerging sectors.”