Authorities are investigating into Practo, healthcare startup, to check whether it has evaded taxes through cross border corporate restructuring.

Summon to the company

A summon has been sent to the company to put forth its clarification for discrepancies in valuations.
Company’s offices have been searched

As per Nikkei Asian Review website, Bengaluru offices of Practo have been searched by the tax authorities and they seized its records in May.

Captial acquired by the company

Practo had brought $55 million up in a Series D subsidizing round driven by Tencent, Chinese internet aggregate in January. It has raised almost $179 million till date. The most recent round esteemed the organization around $600 million.

Assests has been sold to Singapore based company

Company’s assets including domain name, website, trademarks and software codes were acquired by Practo Pte Ltd., a #Singapore based company in the year 2014 for $600,000.

Gap exists between its intellectual properties

The company caught the eyes of tax department after it showed discrepancies between the value of its intellectual property in 2014 and the company itself. Practo Pte. Ltd which was established in 2012 has the rights to challenge the findings of the department if required.

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