Tagbin was started way back at IIT Roorkee, when its co-founders were mesmerised with the idea of technology creating magic. Tagbin received its official registration on 13th June 2013, and over the years evolved itself by working from a small office in a basement for event technologies, to completing multi-million dollar projects for Govt. of India. Laying its foundation as an experiential technology (like; AR, VR, sensor-based interactive activities etc.) and as a supplier for various events, it also ventured into diverse business lines including IOT based home automation system, RFID based tagging technologies, health app, marketing automation tools, etc. Thus, each project added to its growth and the prophecy of Tagbin. In an exclusive conversation with SauravBhaik CEO and Co-founder of Tagbin sheds light on the growth strategy of the company.
What kind of growth the company has seen in the last four years?
In the last four years we have explored the market and known different challenges. Initially we started as a bootstrapped start-up. We received a Series A funding in 2014, and explored into event technology solutions and IOT products like Tagplug. Later, we ventured into complete planning, execution and maintenance of interactive museums, experience centres and light &sound shows, andaremaking good profit since 2017. We had a fourfold growth in crores from 2017-18 to 2018-19 fiscal year.
What were the initial hurdles faced by you?
During the initial phase of our journey, we ventured into various products. Every technology has an adoption cycle and according to the maturity of the market, it changes. So, the biggest change in such fluctuating market behaviours is to find the right product's market fit, which have potential for sustainability.
What is the business model of Tagbin?
The business model of Tagbin is that of a holistic solutions’provider, who execute projects for the governmentof India and other corporate giants.We executed projects based on the tender value of the project for the government.
Our government clients include Ministry of Culture, ASI, National Library of Kolkata, Metcalfe Hall, and National Film Archives of India, GAIL, National Archives of India, etc.
Our corporate clients includeCoca Cola, Vodafone, BPCL, ONGC, Levis, India Today, Mercedes Benz, Audi, Myntra, UCB, Adidas, Uber, Hero, Huawei, Kohler, Kingfisher, Dubizzle, HDFC Life, Ray. Ban, and many more.
What is the secret sauce behind the profitable startup?
We focus on one thing and make it big, until it’s profitable and sustainable. Team diversity is another factor to add. We also activelysearch forthe right market where we know our skills will make a great profit.
What will bring in the next level of growth for Tagbin?
Currently, we are looking for strategic partners and investors to align with our business in building interactive museums, experience centres, and light & sound shows. We are already a profitable company with an established process and market share, and looking for a funding of INR 150-200 crores, for team expansion as well as market growth.
How big is the team at Tagbin?
Tagbin has a right mixture of specialised in-house team of designers and engineers, thinkers, marketing strategists, architects, content curators, creative directors, designers, VFX experts, technology experts, operations, maintenance and support who propagate new experiences without having to outsource anything from outside the company. Currently, we have a team of 49 employees and we are plan to grow more each day.
What are your plans to take the concept international?
We are open to taking up international projects for museums, experience centresand light and sound shows. Moreover, our plan for next two years is to aggressively penetrate the market of experience centres. We would especially like to stay as a leader and pioneer in constructing smart city experience centres.
Secondly, many museums in India are using same old ways of static installations, we want to change that by completing a couple of museums with the help of unique and unconventional latest technologies.