India’s tax department is reportedly investigating alleged tax evasion by Supam Maheshwari, the founder of three Indian unicorns: FirstCry.com, Globalbees Brands Ltd., and Xpressbees. The tax department has sent notices to Maheshwari inquiring about more than $50 million in taxes on equity transactions conducted in privately-held FirstCry. Several investors in FirstCry, including ChrysCapital Management and Sunil Bharti Mittal’s family office, have also received enquiries related to the matter. Maheshwari is reportedly in discussions with the tax department to settle the probe. FirstCry turned profitable in the financial year ending March 31, 2021, and is among the startups in India considering an IPO after achieving operational profitability.
Indian Tax Department Probes Alleged Tax Evasion by Founder of Unicorns
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