LOST-AND-FOUND SER­VICE

THIS MUM­BAI- BASED COM­PANY HELPS PEO­PLE RE­COVER LOST STUFF AND RE­WARDS FIN­DERS.

Business Today - - THE BUZZ - By Apra­jita Sharma

1) The Founders

San­jay Chakrabarti, a Char­tered Ac­coun­tant, and Alok Sheth, a B.Tech. and an MBA. Both worked as man­age­ment con­sul­tants at EY be­fore Sheth came up with the idea. Chakrabarti was doubt­ful as he had never lost any stuff. But on that very day, he lost his smart­phone and it con­vinced him that the idea would work.

2) How It Works

The com­pany is in the busi­ness of se­cur­ing valu­ables, from pass­ports, keys and gad­gets to lug­gage and even eye­wear. It sells se­cure tags with tracer codes that cus­tomers can at­tach to their valu­ables. The tags also carry the mes­sage, “If found, re­turn for re­ward” and men­tions how the per­son can reach out. The com­pany also ar­ranges a doorstep pick-up to re­trieve the item and re­turns it to the owner. These tags are mostly sold by tag8 part­ners, in­clud­ing travel agen­cies, in­sur­ers, e-com­merce plat­forms and re­tail stores, come with life­time va­lid­ity and cost be­tween ` 300 and ` 1,700.

Af­ter buy­ing a tag, the cus­tomer will be con­nected to the com­pany’s global re­cov­ery net­work. If the item in ques­tion is lost and never re­cov­ered, the cus­tomer will be re­im­bursed. For in­stance, if the com­pany fails to re­cover a pass­port, an amount will be paid to the owner to get a re­place­ment pass­port is­sued un­der Tatkal. The com­pany claims over 90 per cent re­turn rates for pass­ports, 95 per cent for keys and 60 per cent for bags. Re­turn rates are low­est for gad­gets.

3) Part­ners

For air­port bag­gage track­ing, tag8 has tied up with Geneva-based SITA that man­ages 2,800-plus air­ports. It has also joined hands with four large global lo­gis­tics part­ners for pick-ups and de­liv­er­ies. Other tag8 part­ners in­clude Thomas Cook, SOTC, FRR Forex, New In­dia As­sur­ance, Bharti AXA, TravAs­sured and eye­wear brand Opium be­sides Shop­pers Stop air­port stores, Ama­zon, Travosh and off­line bag­gage and travel stores such as Kosha.

4) Growth and Ex­pan­sion

Sheth says the com­pany is grow­ing more than 100 per cent YoY and ex­pects to clock ` 4.5 crore in FY2018/19. It is also plan­ning to tie up with re­tail­ers (Fu­ture Re­tail, for in­stance) and visa cen­tres to ex­pand in In­dia, West Asia and Europe.

Co-founders Alok Sheth (in the fore­ground) and San­jay Chakrabarti

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