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Tax authorities probe FirstCry founder for alleged $50M tax evasion

Six investors in FirstCry, including ChrysCapital and Sunil Mittal's office, are also facing enquiries related to the matter.

Tax authorities probe FirstCry founder for alleged $50M tax evasion

Tuesday August 29, 2023 , 2 min Read

Tax authorities are investigating alleged tax evasion, totalling $50 million, by the founder of FirstCry, Supam Maheshwari, according to a report by Bloomberg.

The enquiry also extends to at least six investors in FirstCry, including ChrysCapital Management Co, a private equity firm, and Sunil Bharti Mittal's family office, in the matter concerning equity transactions.

Maheshwari is the founder of three Indian unicorn companies—FirstCry, Globalbees Brands, and Xpressbees.

YourStory has sent queries to FirstCry on the development.

Pune-based FirstCry achieved profitability in the financial year ended March 31, 2021, following a period of consecutive losses. The omnichannel retailer is said to be the first among SoftBank's portfolio of Indian unicorns to file for an IPO, according to a report in The Economic Times.

SoftBank Vision Fund's Managing Partner and CFO Navneet Govil told The Economic Times that FirstCry plans to file its draft papers before the end of this year.

Ranjan Pai, Chairman of Manipal Group, is engaged in advanced negotiations to invest Rs 250 crore in the mom and baby care brand. This investment is planned as part of a secondary share sale, valuing FirstCry at $3 billion. The share sale is expected to exceed Rs 500 crore in value, according to the report.

Other institutional investors are also in the process of picking up a secondary stake in the firm from existing shareholders, the report said.


Edited by Swetha Kannan