Got a offer - but a red flag?

Got a offer from a BNPL product based startup which is fairly known in india.

Offer is as expected. Though while going over the offer I realised that I am employed by their "wholly owned subsidiary" which was setup in June 2023. That startup has been in business for years now.

I am not sure but this seems like red flag. By hire through a subsidiary?

Any suggestions on how to proceed further?