New Delhi: Meta Platforms has invested $900 million (around ₹8,550 crore) in Indian fintech company CRED and appointed its founder, Kunal Shah, as the new global head of WhatsApp.
The investment is part of CRED’s Series H funding round and values the Bengaluru-based startup at approximately $4.5 billion. Under the agreement, Meta will acquire a minority stake of about 20 percent in the company.
Kunal Shah will step down from his role as Chief Executive Officer of CRED and join Meta’s global leadership team.
He will succeed Will Cathcart, who has led WhatsApp for the past seven years and is expected to move into a new role focused on artificial intelligence initiatives within Meta.
Meta said Shah will guide WhatsApp through its next phase of growth, with a focus on expanding advertising and subscription-based revenue streams while accelerating the integration of AI-powered services across the platform.
Founded in 2018, CRED began as a platform that rewarded users for paying credit card bills on time. Over the years, it has expanded into lending, insurance, wealth management, payments, and other financial services.
The company says it now serves around 17 million monthly active users and processes more than 40 percent of India’s credit card bill payments.
Following Shah’s departure from day-to-day operations, Miten Sampat, who has overseen strategy and finance at CRED since 2020, has been appointed interim CEO.
The company said it is working on a long-term leadership structure as it prepares for a future public listing.
The appointment marks a significant milestone for India’s startup ecosystem, with an Indian entrepreneur set to lead one of the world’s largest messaging platforms.
Industry analysts view the move as a sign of Meta’s growing focus on India and its ambitions to expand WhatsApp’s business, payments, and AI capabilities globally.
