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FirstCry had turned profitable in the financial year ended March 31, 2021, after years of losses

FirstCry founder probed for $50mn tax evasion: Report

FirstCry had turned profitable in the financial year ended March 31, 2021, after years of losses

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&rsquo;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.

FirstCry is currently valued at $2.7 billion after the latest investment of $315 million led by Premji Investment earlier this year

IPO-bound Firstcry in talks with sovereign funds at a valuation of $3 billion

FirstCry is currently valued at $2.7 billion after the latest investment of $315 million led by Premji Investment earlier this year

IPO-bound omnichannel retailer FirstCry- for newborn, baby &amp; kids products has started talks with sovereign funds to allow some of its shareholders to sell a stake in the company at a valuation of around $3 billion, according to a news report published by The Economic Times. Report further added that they also stated that SoftBank which is the largest shareholder of FirstCry is likely to sell a part of its 29% holding if the deal takes place.&nbsp;&nbsp; In addition, the&nbsp; report said that the kids' products retailer may also bring in additional domestic capital which can shore up local ownership in the company. &nbsp;FirstCry is currently valued at $2.7 billion after the latest investment of $315 million led by Premji Investment earlier this year. Pune-based retailer, which is now planning its IPO in coming months, earlier delayed its IPO plans amid volatile markets.&nbsp;

GlobalBees, just a 9-month old startup is the latest entrant to the billion dollar or unicorn club. 

GlobalBees joins the unicorn club as startups and investors rush into Thrasio style e-commerce

GlobalBees has raised close to $111.5 Mn in a mix of equity and debt in a Series B round of investment led by FirstCry in participation with SoftBank, Premji Invest, Chiratae Ventures, and Trifecta Capital among others.

Billion dollar baby - GlobalBees, newest unicorn on the block

Investors heavily funding Indian startups aggregating small but promising online products, hoping to scale them into large global brands.

GlobalBees, just a 9-month old startup&nbsp;is the latest entrant to the billion dollar or unicorn club. After the largest ever Series A funding in July,&nbsp;GlobalBees has raised close to $111.5 Mn in a mix of equity and debt in a Series B round of investment led by FirstCry in participation with SoftBank, Premji Invest, Chiratae Ventures, and Trifecta Capital among others. Investors are betting big on the <a href="https://www.editorji.com/business-news/google-s-sundar-pichai-praises-indina-startups-check-out-what-he-has-to-say-1638609268684" target="_blank">startups&nbsp;</a>looking to replicate the&nbsp;success of&nbsp;Thrasio in India.&nbsp;
Thrasio is a US-based e-commerce player that acquires small sellers/brands listed on the Amazon marketplace. After the acquisition of Amazon seller&rsquo;s businesses,&nbsp;Thrasio scales them up. Thrasio&nbsp;is valued at nearly&nbsp;$8 billion currently.&nbsp; <a href="https://www.editorji.com/story/startup-spotting-3-month-old-globalbees-raises-150-million-led-by-firstcry-1626762098331" target="_blank">GlobalBees&nbsp;</a>was&nbsp;founded by FirstCry founder Supam Maheshwari and Nitin Agarwal, a former executive of Edelweiss Financial Services, with a corpus of $75 million. It aims to invest in 30-35 brands ranging from online-only products to fast-moving consumer goods. GlobalBees is planning to invest in more than 20 brands by the end of this financial year.
Also Read:&nbsp;<a href="https://www.editorji.com/business-news/mukesh-ambani-talks-succession-for-the-first-time-for-his-200-billion-reliance-empire-1640749921718" target="_blank">Mukesh Ambani talks succession for the first time for his $200 billion Reliance empire</a>&nbsp; GlobalBees Brands added three more startups to its portfolio list in November. It picked up a majority stake in a dietary supplement&rsquo;s maker Healthyhey, hair care products brand Rey Naturals, and eyewear brand Intellilens for undisclosed amounts. These acquisitions took the number of brands that GlobalBees has acquired in just 4-5 months to eight.

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