FirstCry Founder Supam Maheshwari Probed For Alleged Tax Evasion Of $50 Million: Report Supam Maheswari is also the CEO of Oi Playschool and is the founder of GlobalBees
By Teena Jose
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The Indian tax department is probing an alleged tax evasion by Supam Maheshwari, the founder of parenting and children's products platform, FirstCry, according to a Bloomberg report.
According to the report that cited unnamed sources, the tax department sent notices to Maheshwari inquiring why he didn't pay over $50 million in taxes on equity transactions conducted in FirstCry.
Supam Maheswari is also the CEO of Oi Playschool and is the founder of GlobalBees.
Apart from Maheshwari, at least six investors in FirstCry, including private equity firm ChrysCapital Management Co and Sunil Bharti Mittal's family office have also received enquiries relating to the matter.
As per the people cited by the report, Maheshwari is in conversations with the tax department to settle the probe.
The reports suggest that FirstCry turned profitable in the year ended March 31, 2021. It is reportedly aiming to debut at the markets after being profitable at an operational level.
FirstCry is an Indian e-commerce company, headquartered in Pune. The company launched in 2010, initially focused on baby products retailing.
