Tax Evasion Probe: FirstCry Founder Faces Allegations of $50M Tax Evasion
- ByStartupStory | August 29, 2023
Reports indicate that Supam Maheshwari, the founder of FirstCry, is currently under investigation by tax authorities for alleged tax evasion amounting to $50 million. The inquiry also encompasses at least six investors associated with FirstCry, including ChrysCapital Management Co and Sunil Bharti Mittal’s family office, regarding equity transactions. Maheshwari is the founder of three Indian unicorn companies—FirstCry, Globalbees Brands, and Xpressbees. Queries regarding this matter have been directed to FirstCry by YourStory.
FirstCry, headquartered in Pune, achieved profitability in the financial year ending on March 31, 2021, following a period of consecutive losses. The omnichannel retailer is reportedly poised to become the first of SoftBank’s Indian unicorn portfolio to initiate an IPO, as stated in a report by The Economic Times. Navneet Govil, the Managing Partner and CFO of SoftBank Vision Fund, informed The Economic Times that FirstCry intends to submit its draft papers for the IPO before the close of this year.
Furthermore, Ranjan Pai, the Chairman of Manipal Group, is reportedly in advanced discussions to invest Rs 250 crore in the mom and baby care brand as part of a secondary share sale, which values FirstCry at $3 billion. The secondary share sale is anticipated to exceed Rs 500 crore in value, with additional institutional investors also planning to acquire a secondary stake in the company from existing shareholders, according to the report.
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