FirstCry founder probed for $50mn tax evasion: Report

The Indian Income Tax department is reportedly investigating potential tax evasion by Supam Maheshwari, the founder of Indian unicorns FirstCry.com, Globalbees Brands Ltd., and Xpressbees.

According to a Bloomberg report, the tax department has issued notices to Maheshwari regarding more than $50 million in unpaid taxes related to equity transactions within privately-held FirstCry.

Several investors in FirstCry, including ChrysCapital Management Co and Sunil Bharti Mittal’s family office, have also been contacted by the tax department in connection with the matter. Maheshwari is reportedly engaged in discussions with the tax department to resolve the investigation.

FirstCry, which deals in newborn, baby, parenting, and children's products, achieved profitability in the financial year ending March 31, 2021, and is reportedly considering an IPO after attaining operational profitability.