Start-Up Hits: 1558

India Tax Dept Probes FirstCry Founder

Start-Up Hits: 1558
FirstCry
Start-Up Hits: 1558

05 September 2023, Mumbai

According to a report from ET, the Indian tax department is investigating the founder of three Indian unicorns, FirstCry.com, Globalbees Brands Ltd., and Xpressbees, for alleged tax evasion of over $50 million.

Procedural

The department has issued notices to the founder, Supam Maheshwari, seeking an explanation for his failure to pay taxes on equity transactions conducted in FirstCry.

At least six investors, including private equity firm ChrysCapital Management Co and Sunil Bharti Mittal's family office, have been involved with FirstCry.

Ongoing

The investigation is ongoing, and Maheshwari has denied any wrongdoing. He has said that he is cooperating with the tax authorities and is confident that the investigation will clear his name.

The tax evasion allegations against Maheshwari are the latest in a series of high-profile cases of tax evasion in India. In recent years, the tax department has raided the offices of several leading companies, including the Adani Group and the Nirav Modi Group.

The government of India has stepped up its efforts to crack down on tax evasion in recent years.

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