Meta Invests $900 Million In CRED, Appoints Kunal Shah as WhatsApp Chief

Meta Platforms has announced a major strategic investment in Indian fintech company CRED, committing $900 million (approximately Rs 8,550 crore) as part of the startup's Series H funding round. The deal also includes a significant leadership change, with CRED founder Kunal Shah set to join Meta and take over as the head of WhatsApp, succeeding Will Cathcart, who has led the messaging platform for the past seven years.

Under the terms of the transaction, Meta will acquire an estimated 20 per cent minority stake in CRED. The investment values the Bengaluru-based company at approximately Rs 43,239 crore, or around $4.5 billion, on a post-money basis. The funding round comprises a mix of primary capital infusion and secondary share purchases, providing both fresh funding for the company and liquidity for existing shareholders.

As part of the agreement, Kunal Shah will step down from his role as Chief Executive Officer of CRED and join Meta's global leadership team. He will replace Will Cathcart as the head of WhatsApp, while Cathcart is expected to transition into a new position focused on Meta's artificial intelligence initiatives. Meta said Shah's appointment reflects the company's intention to strengthen WhatsApp's business strategy and expand its role in the digital economy.

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According to the company, Shah will oversee WhatsApp's next phase of growth, with particular emphasis on advertising, subscription-based services and the integration of artificial intelligence tools and AI-powered agents across the platform. The move comes as Meta continues to explore new monetisation opportunities for WhatsApp while maintaining its position as one of the world's most widely used messaging services.

Following Shah's departure from day-to-day operations at CRED, Miten Sampat, who has been responsible for the company's strategy and finance functions since 2020, has been appointed interim Chief Executive Officer. CRED's board and senior leadership team are expected to determine a long-term management structure as the company moves closer to a potential public listing in the future.

Founded in 2018, CRED initially gained popularity by rewarding users for timely credit card bill payments. Since then, the company has expanded into a broader financial services ecosystem covering payments, lending, insurance, wealth management and lifestyle offerings. The company claims to have 1.7 crore monthly active members and processes more than 40 per cent of India's credit card bill payments. It also reported annual revenue of approximately Rs 3,200 crore and stated that it has achieved profitability while managing lending assets worth Rs 24,000 crore for partner financial institutions.

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