BizDateUp Leads $1M Pre-IPO Funding Round in Pharma Packaging Startup Sorich
BizDateUp, a leading ecosystem enabler for startups that provides comprehensive support services, has made a significant move in the health and wellness sector by announcing a $1 million investment in a pre-IPO funding round for Sorich. This Gujarat-based company is dedicated to revolutionizing pharmaceutical packaging, aligning with global efforts to enhance human health through advanced packaging technology.
This strategic investment is set to propel Sorich’s innovative solutions to new heights. With these funds, the company intends to optimize production capacity and improve working capital, aiding in the development of patented products and securing necessary certifications. A significant portion of this investment will also go towards upgrading the current machinery to produce high-margin products, including the newly introduced Heat Transfer Labels (HTL).
Recent performance metrics showcase Sorich’s rapid growth trajectory. The company reported a turnover of $2.4 million in 2023-24, with an ambitious target of reaching $7.2 million in the current fiscal year. Furthermore, Sorich’s planned expansion into Sikkim is expected to generate an additional $1.8 to $2.4 million in revenue, reflecting its strategic market penetration approach.
The demand for Sorich’s innovative solutions has surged, particularly in fields such as child-resistant foils and extrusion laminates. Moreover, Sorich has garnered industry recognition with its patented Pharma Lidding foil, notably receiving acknowledgment from Zydus Healthcare. This acclaim has boosted its reputation within the industry, setting the stage for future advancements.
According to data from the World Packaging Organization (WPO), the pharmaceutical packaging market is expected to reach a staggering $229.9 billion by 2027, growing at a compound annual growth rate (CAGR) of approximately 14.9%. This anticipated growth further underscores the significance of Sorich’s advancements and BizDateUp’s strategic investment.
