The Indian tax department is reportedly probing an alleged tax evasion by entrepreneur Supam Maheshwari, known for his online platform for newborn, baby, parenting and children's products, FirstCry. He is also the founder of Globalbees Brands and Xpressbees. All three companies are unicorns.
According to a report in Bloomberg that cited unnamed sources, the tax department sent notices to Maheshwari inquiring why he didn’t pay over $50 million in taxes on equity transactions conducted in FirstCry.
Apart from Maheshwari, at least six investors in FirstCry, including private equity firm ChrysCapital Management Co and Sunil Bharti Mittal’s family office have also received enquiries relating to the matter.
As per the people cited by the report, Maheshwari is in conversations with the tax department to settle the probe. He is yet to issue a statement regarding the same.
After years of losses, FirstCry turned profitable in the year ended March 31, 2021. It is reportedly aiming to debut at the markets after being profitable at an operational level.
The Pune-based company has warehouses across India, from where it dispatches its orders. Apart from India, it also has its presence in the UAE. FirstCry sells products for babies and kids including diapers, baby food, infant accessories, gears (strollers, high chairs), nursery furniture, clothes & footwear to toys and school products.
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