Startup news and updates: daily roundup (August 17, 2022)

YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Wednesday, August 17, 2022.
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Swiggy appoints new CEO for food marketplace business

Food delivery aggregator Swiggy appointed Rohit Kapoor as chief executive officer (CEO) to head its food marketplace division.

Rohit, who has held sales and finance roles across Max India Ltd. and Mckinsey & Company , was last at hospitality chain Oyo. The Indian School of Business (ISB) graduate was OYO's global chief marketing officer. At Swiggy, Rohit will be responsible for developing strategies, driving growth and innovation for the marketplace.

Rohit Kapoor, CEO of Swiggy's food marketplace

YES Bank invests in early stage-backer Venture Catalyst Group Fund

YES BANK backs Venture Catalysts Group Funds, an early stage startup incubator. Venture Catalysts provides startup founders funding, mentorship, and network from inception stage to growth stage.

The bank's fund has invested in Beams Fintech Fund, which focuses on growth stage companies operating in the technology-led financial service space, and 9 Unicorns Accelerator Fund that is an early stage startups.

"We believe that this partnership is a step in the direction to becoming the go-to-bank for technology startups," said Ajay Rajan, country head - transaction banking , YES Bank, in a release shared by the company.

Garuda Aerospace enters Africa, after Malaysia

Drone maker Garuda Aerospace has expanded to Africa, after entering Malaysia. The company will deploy drones for the agriculture sector, which would scale mapping, inspection and training to better agricultural output.

The Chennai-based startup has partnered with Harare Institute of Technology and Nyangani Virtual University in Zimbabwe to improve farming techniques.

"At Garuda Aerospace, we are constantly on the lookout for partnerships that enable us to deploy drones for agricultural applications that empower the ecosystem and the farmers. With this partnership we aim to add value to the agriculture ecosystem by powering them with drones that are enabled with advanced AI, ML and deep learning technologies," said Agnishwar Jayapraksh, founder and CEO, Garuda Aerospace, in a release shared by the company.

Venture debt marketplace 8vdX enters Singapore, Australia and United Kingdom

8vdX, a venture debt marketplace for startups, said it is expanding its operations in Singapore, United Kingdom (UK) and Australia.

The firm aims to tap local entities from these geographies to offer cross-border venture debt. The aim is to fund 100 startups with and asset under management (AUM) of $200 million, according to a release shared by the company.

8vdX will offer bridge financing to early-stage start-ups for their Series A or Series B rounds. Founders can also use an intuitive interface to obtain and repay the loan in their local currency of the country.

"We aim to offer a cross-border venture debt solution to the start-ups in these countries so that founders can spend more time on their businesses and less time on chasing small ticket investors. Start-ups do not require the "flip" process in order to raise cash. We are working to solve a significant problem that start-ups and rapidly expanding businesses with a global presence are facing, and we'll keep innovating to remove friction in the venture funding market," said Ravi Chachra, co-founder, 8vdX, in a statement.

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