Startup Proptech under scanner, suspected of tax evasion worth Rs 224 cr

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After the Income Tax Department recently raided a Pune and Thane-based proptech start-up and uncovered suspected tax evasion to the tune of Rs 224 crore, reports suggest it is Infra.Market, one of the fastest growing unicorns in India.

According to multiple reports, the details point to B2B e-commerce marketplace Infra.Market, backed by Tiger Global, Accel and Nexus and valued at $2.5 billion.



According to CBDT, the startup allegedly secured huge foreign funding via the Mauritian route, issuing shares at an “exorbitant” premium.

The CBDT said a hawala network of some front companies based in Mumbai and Thane were also uncovered and involved in the case.

The startup, founded by Souvik Sengupta and Aaditya Sharda, said it is cooperating with authorities and providing all necessary information.

The income tax department said in a statement on Sunday that it had found evidence that a Pune and Thane-based startup failed to disclose Rs 224 crore, without naming him.

The CBDT said unaccounted cash worth Rs 1 crore and jewelry worth Rs 22 lakh were seized during the raids.

–IANS

na/skp/

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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