The Indian Income Tax Department says it has found and seized “a large number of incriminating evidences” that reveals that a Pune and Thane-based unicorn startup, referring to Infra.Market, “booked bogus purchases” and disclosed an additional income of more than $29.4 million following a rare probe into a startup.
Infra.Market — a startup, backed by Tiger Global, Nexus Venture Partners and Accel and valued at $2.5 billion, that helps construction and real estate companies procure materials and handle logistics for their projects — “made huge unaccounted cash expenditure and obtained accommodation entries, aggregating to the tune of over Rs 400 crore [$52.7 million],” the department said in a statement to the press Sunday.
The executives at the startup, when confronted by the tax authority, “admitted und …
