Mumbai, Sep 20 (PTI) Dawaa Dost, the Jaipur-based omnichannel pharma retail startup that plays on heavy discounting, is looking at raising around USD 10 million in series A round from venture capital funds by early next month.

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Despite offering discounts in the range of 15 to 65 per cent, Dawaa Dost is in operational profit as every product is sold in profit even at this discount, and plans to expand its model to newer territories, its co-founder and chief executive Amit Choudhary claimed.

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Currently, its has 25 retail stores in six cities across Rajasthan, Delhi and Telangana, and aims to grow at a fast pace to have a national presence apart from widening its online reach geographically as well as product offering. Currently only 25 per cent of its sales come from online.

It had raised around USD 2 million in angel round from Kunal Shah of Cred, Pinelab's Amreesh Rao and Sourav Garg of Nobroker among others and is in discussions with VCs to raise around USD 10 million over the next 4-6 weeks and is ready to dilute 10-5 per cent for the same, Choudhary told PTI.

* * * * * * Bajaj Allianz General ties up with India Post Payments Bank *

Pune: Bajaj Allianz General Insurance has tied up with India Post Payments Bank for the distribution of their products through its 650 branches and over 1,36,000 banking access points.

The scope of products shall include healthcare and medical products, personal accident, and motor insurance amongst other innovative tailor-made products to address the protection needs of rural markets.

Nearly 2,00,000 postal service providers who are equipped with micro-ATMs and biometric devices will play an important role in the distribution and promotion of these insurance products, focusing especially on unbanked and underserved customers at the last mile, the insurance company said in a statement.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)