Meta invests $900 million in CRED; founder Kunal Shah named new WhatsApp chief
Meta Platforms has invested $900 million (approximately ₹8,550 crore) in Indian fintech startup CRED as part of the company's Series H funding round, marking one of the social media giant's biggest bets on India's digital economy.
As part of the deal, CRED founder Kunal Shah will step down as the company's Chief Executive Officer and take over as the new head of WhatsApp, succeeding Will Cathcart, who has led the messaging platform for the past seven years.
CRED valued at $4.5 billion after funding round
Under the terms of the agreement, Meta will acquire a minority stake of around 20 per cent in CRED.
The investment values the Bengaluru-based company at ₹43,239 crore, or roughly $4.5 billion, on a post-money basis.
The funding round includes a mix of primary capital infusion and secondary share purchases, according to details released by the companies.
Shah to lead WhatsApp's next growth phase
In his new role, Shah will join Meta's global leadership team and oversee WhatsApp's future growth strategy.
Meta said he will focus on expanding the platform's revenue streams through advertising and subscription offerings while accelerating the integration of artificial intelligence-powered agents and services across WhatsApp.
Cathcart, meanwhile, will transition to a new position within Meta focused on the company's AI initiatives.
Miten Sampat appointed interim CRED CEO
Following Shah's departure from day-to-day operations, CRED has appointed Miten Sampat, who has overseen strategy and finance at the company since 2020, as interim Chief Executive Officer with immediate effect.
The company said its board and leadership team are working on a long-term management structure as it prepares for a potential stock market listing in the future.
From credit card rewards to a diversified fintech platform
Founded in 2018, CRED initially built its business around rewarding users for timely credit card bill payments. Over the years, it has expanded into a broader financial services ecosystem spanning payments, lending, insurance, wealth management and lifestyle offerings.
The company said it currently serves 1.7 crore monthly active users and processes more than 40 per cent of India's credit card bill payments.
CRED's lending business has grown to ₹24,000 crore in assets under management for partner financial institutions. The company also reported annual revenue of approximately ₹3,200 crore and said it has achieved profitability.
Landmark deal signals Meta's growing India ambitions
The investment underscores Meta's increasing focus on India, one of its largest and fastest-growing markets.
The appointment of Shah to lead WhatsApp also places an Indian entrepreneur at the helm of one of the world's most widely used messaging platforms as Meta seeks to deepen monetisation and AI adoption across its products.
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