Recently, the Income-tax department had raided a prop-tech startup based in Pune and Thane and found alleged tax evasion to the tune of Rs 224 crore; reports suggest it is Infra. Market, one of India’s fastest-growing unicorns.

According to media 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 obtained massive foreign funding via the Mauritius route, issuing shares at an ‘exorbitantly’ high premium.

• The 5 index signals smart traders watch before placing a single order
• Kwality Pharma Hits 52-Week High After Record FY26 Revenue
• Jay Bharat Maruti Hits 20% Upper Circuit on 287% Profit Surge
• ZEEL Falls 6% After Q4 Swings to Net Loss on Ad Revenue Miss
• Overnight Stock Market Movements: Key Developments 

The CBDT said a hawala network of some Mumbai and Thane-based shell companies was also discovered that was involved with the case.

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

The Income-Tax department said on Sunday that it had found evidence that a startup based in Pune and Thane has not disclosed Rs 224 crore without naming it.