FirstCry founder Supam Maheshwari probed for alleged $50 million tax evasion: Report
Bloomberg. The department has sent notices to founder Supam Maheshwari asking why he didn’t pay more than $50 million in taxes on equity transactions conducted in privately-held FirstCry, the people told Bloomberg, asking not to be named as the information is not public.
As per the report, 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 related to the matter. The report added that Maheshwari is in conversations with the tax department to settle the probe.
FirstCry had turned profitable in the financial year ended March 31, 2021, after years of losses. It is one of the few startups in India seeking to tap the IPO market after being profitable at an operational level, Bloomberg reported earlier.
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