Initially, Supam Maheshwari and Amitava Saha co-founded Brainvisa Technologies. However, he started FirstCry using BrainBees after the company was sold. Furthermore, he was a founding member of the logistics services startup Xpressbees.
The department, which India’s Ministry of Finance runs, has sent notices to founder Supam Maheshwari asking why he didn’t pay more than $50 million in taxes on equity transactions conducted in privately-held FirstCry, the people said, asking not to be named as the information is not public.
The department, which India’s Ministry of Finance runs, has sent notices to founder Supam Maheshwari asking why he didn’t pay more than $50 million in taxes
India's tax department is investigating the founder of unicorn FirstCry.com on charges of evading taxes to the tune of $50 million. Sources said at least six investors in FirstCry, including private equity firm ChrysCapital Management Co and Sunil Bharti Mittals family office, have also received enquiries related to the matter.
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The department has inquired why he failed to pay over $50 million in taxes on equity transactions conducted in FirstCry and has also sent notices to Maheshwari in this regard, people familiar with the matter informed Bloomberg.