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1mg Founder Prashant Tandon on how the online pharmacy business works

By Shashidhar KJ and Nikhil Pahwa Healthcare startup 1mg last month raised Series B funding worth $16 million from Maverick Capital Ventures and existing investors Sequoia Capital and Omidyar Network. 1mg started as HealthKartPlus, a medical information repository, before it was hived off from HealthKart, and evolved into a marketplace for medicines. In conversation with MediaNama, Prashant Tandon, CEO and founder of 1mg, talks about how the business works, the regulatory environment, and how the online pharmacy business works. On the usage of funds "Our last funding was one year back and now we're looking to expand our operations. We're in around 12 cities and we want to go to around 30 cities by the end of next year. The diagnostics and doctor appointment services we provide are in limited cities.We will be expanding that. Then there is going to be significant investments in our products and analytics. We've also started providing doctor consultations online. We're also looking at other areas that makes sense for our consumers online." How 1mg plans to expand to new markets "We will first find the vendors who will cover the inventory of the city. We identify the large partners we want to work with. Then we get into the legal agreement with them. Then they will share the list of the entire inventory they have so that we can map it into our system. So that would take a week. After that we need to take care of the logistics and make sure the vendor can make deliveries…

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