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The division, which India’s Ministry of Finance runs, has despatched notices to founder Supam Maheshwari asking why he didn’t pay greater than $50 million in taxes on fairness transactions performed in privately-held FirstCry, the folks mentioned, asking to not be named as the data just isn’t public.
No less than six buyers in FirstCry, together with non-public fairness agency ChrysCapital Administration Co and Sunil Bharti Mittal’s household workplace, have additionally acquired enquiries associated to the matter, they mentioned. Maheshwari is in conversations with the tax division to settle the probe, based on the folks.
Maheshwari, spokespersons for ChrysCapital, the tax division and Mittal didn’t reply to emails looking for feedback concerning the probe.
FirstCry had turned worthwhile within the monetary yr ended March 31, 2021, after years of losses. It is among the few startups in India looking for to faucet the IPO market after being worthwhile at an operational stage, Bloomberg reported earlier.
