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