India’s Ministry of Finance-led tax department has launched a probe into an alleged tax evasion case involving the founder of three Indian unicorns: FirstCry.com, Globalbees Brands and Xpressbees.

What Happened: Founder Supam Maheshwari has received notices from the tax department, inquiring into why he failed to pay more than $50 million (₹413 crore) in taxes linked to equity transactions within privately-held FirstCry, sources told Bloomberg.

Several investors in FirstCry, including ChrysCapital Management Co, a prominent private equity firm, and Sunil Bharti Mittal’s family office, have also found themselves under scrutiny regarding this matter, the sources added.

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Maheshwari is currently reportedly in discussions with the tax department to seek a resolution to the ongoing investigation.

FirstCry became profitable in FY2021, marking a significant milestone for the company, and adding weight to its possible plans to go public.

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