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.
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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