Daily Indian Funding Roundup & Key News - 22 June 2026: Zypp Electric Eyes $200 Mn IPO, Turtlemint Issue Crosses 50% Subscription
Monday, 22 June 2026, brought fresh IPO and regulatory developments across India's startup ecosystem. EV logistics startup Zypp Electric revealed plans for a $150–200 million IPO in FY28, appointing Axis Capital, SBI Capital Markets, and DAM Capital as bankers ahead of a pre-IPO round. Insurtech Turtlemint's ongoing public issue crossed the halfway mark in subscriptions on Day 2.
On the regulatory front, the CCPA fined Storia Foods and English Oven over misleading "100%" claims on their packaging, while the NCLT admitted Paytm's insolvency plea against gaming company Fabzen Technologies.
Key Business News for 22 June 2026
Zypp Electric Plans $150-200 Mn IPO, Appoints Bankers for FY28
EV logistics startup Zypp Electric is looking to raise up to $200 million through an IPO and has appointed Axis Capital, SBI Capital Markets, and DAM Capital as bankers. The Gurugram-based company is currently closing a pre-IPO funding round and is targeting a stock market listing in FY28, with the IPO expected to be in the range of $150 to $200 million.
Zypp was last valued at around $331 million as of March 2025, and the ongoing pre-IPO round aims to nearly double that valuation. To date, the company has raised $76.5 million from investors including Goodyear Ventures, Venture Catalysts, Indian Angel Network Fund, We Founder Circle, and 100Unicorns. India's EV sector funding rose from $40.6 million in 2017 to $1.67 billion in 2025, with investments reaching $418 million so far in 2026.
Turtlemint IPO Crosses 50% Subscription on Day 2
Insurtech company Turtlemint's IPO received a mixed response on the second day of bidding, with the issue subscribed 50% as of 13:10 IST, with investors placing bids for 1.63 crore shares against a total offer size of 3.29 crore shares. Qualified institutional buyers led demand with 73% subscription, retail investors bid for more than half their quota, while non-institutional investors remained tepid at just 3%.
Turtlemint's IPO comprises a fresh issue of shares worth ₹660.7 crore and an offer-for-sale component of up to 1.46 crore shares by promoters and existing shareholders. At the upper end of its price band of ₹144-152, the issue values the company at ₹4,513 crore (about $475 million), with shares expected to debut on June 29.
CCPA Fines Storia and English Oven Over Misleading "100%" Claims
The Central Consumer Protection Authority has imposed a penalty of ₹1 lakh each on beverages brand Storia Foods and Mrs. Bectors Food Specialities (English Oven) for misleading consumers through "100%" claims, directing both brands to immediately withdraw the disputed claims from packaging, websites, and digital platforms.
The CCPA found that Storia's products marketed as "100% Tender Coconut Water" were actually made by reconstituting coconut water concentrate with water, while its "100% Juice" range contained fruit concentrate ranging from only 4% to 16%, with apple juice concentrate making up a significant portion of the composition. The authority also questioned unsubstantiated health claims such as "Combats Viruses" and "Improves Metabolism."
The action comes days after the FSSAI separately pulled up Storia and other companies over allegedly misleading product branding. Founded in 2016 by Vishal Shah, Storia is a Sixth Sense Ventures-backed beverage brand sold through quick commerce platforms including Blinkit, Zepto, and Swiggy Instamart.
NCLT Admits Paytm's Insolvency Plea Against Gaming Company Fabzen
The National Company Law Tribunal has admitted fintech major Paytm's insolvency plea against online gaming company Fabzen Technologies, which operates games such as Ludo Empire and Skill Patti Empire, over unpaid digital advertising dues of more than ₹3.41 crore. Paytm alleged that Fabzen failed to honour invoices for in-app advertising since October 2024 despite a 60-day credit period and multiple follow-ups, while Fabzen countered that the ad campaigns had underperformed and that new online gaming regulations had voided the commercial basis of the deal.
The Tribunal rejected Fabzen's argument, noting that the debt had already crystallised before the Promotion and Regulation of Online Gaming Act, 2025 was enacted. This marks the second insolvency plea filed by Paytm against a real-money gaming platform, after it moved the NCLT against WinZO last year over similar unpaid dues.
Muskaan Kapoor
