The deal gives Meta a 20 per cent stake in CRED and elevates founder Kunal Shah to one of the most influential leadership roles within the tech giant
Meta Platforms has announced a $900 million investment in Indian fintech startup CRED and appointed founder Kunal Shah as the new global head of WhatsApp, marking one of the biggest leadership transitions in the messaging platform’s history.
The investment, part of CRED‘s Series H funding round, values the Bengaluru-based company at approximately $4.5 billion (around Rs 43,000 crore) and gives Meta a minority stake of about 20 per cent. The funding comprises a mix of primary capital and secondary share purchases.
As part of the deal, Shah will step down from the day-to-day management of CRED and join Meta’s global leadership team, where he will replace Will Cathcart as the head of WhatsApp. Cathcart, who has led the messaging platform for seven years, will transition to a new role within Meta focused on emerging initiatives, including artificial intelligence.
Meta’s strategic move
Meta CEO Mark Zuckerberg said the leadership transition comes at a time when WhatsApp is entering a new phase of growth.
Industry observers view the move as a significant signal of Meta’s increasing focus on India, WhatsApp’s largest market with more than 500 million users. The company is also seeking to expand revenue opportunities through business messaging, subscriptions, advertising and AI-powered services.
According to reports, Shah will play a key role in driving WhatsApp’s monetisation strategy while overseeing the integration of AI tools and services across the platform.
Leadership change at CRED
Following Shah’s departure, CRED has appointed Miten Sampat, who has overseen the company’s strategy and finance functions since 2020, as interim Chief Executive Officer. The company said its board is working on a long-term leadership structure as it prepares for a future public listing.
Founded in 2018, CRED initially built its business around rewarding users for paying credit card bills on time. It has since expanded into payments, lending, insurance, wealth management and lifestyle services.
CRED’s growth story
The company says it now serves around 17 million monthly active members and processes more than 40 per cent of India’s credit card bill payments. Its lending platform manages approximately Rs 24,000 crore in assets for partner financial institutions.
Meta said the investment will help CRED accelerate growth, strengthen leadership capabilities and expand across financial services categories while maintaining operational independence. The company also stated that Meta will not gain access to CRED customer data through the investment.
The appointment of Shah makes him one of the highest-profile Indian entrepreneurs to take charge of a major global technology platform, highlighting India’s growing influence in the international tech ecosystem.
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