By Kashmira Konduparty
Meta Platforms has agreed to invest $900 million in Indian fintech company CRED and appointed its founder, Kunal Shah, as the new global head of WhatsApp marking one of the most significant leadership transitions involving an Indian entrepreneur at a major global technology company.
The investment values Bangaluru-based CRED at approximately $4.5 billion and gives Meta a minority stake in the company. The deal also deepens Meta’s presence in India’s digital payments and financial technology sector, one of the fastest-growing markets for online financial services.
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As part of the agreement, Shah will step down from his role as chief executive of CRED and take over leadership of WhatsApp, replacing longtime chief Will Cathcart. Cathcart, who has led the messaging platform for seven years, will move to a new position within Meta.
Meta Chief Executive Officer Mark Zukerberg praised Shah’s track record as an entrepreneur. Zuckerberg said Shah had build CRED into “one of India’s most important technology companies” and brought a “builder mentality and global perspective” to the role leading WhatsApp.
Shah acknowledged the move in a post on X, writing, “It’s been a minute,” after the announcement was made public.
CRED, which was founded in 2018, operates a members-only platform for consumers with strong credit histories. The company offers services including credit card bill payments, lending, insurance, wealth management and lifestyle rewards. CRED said it currently served about 17 million monthly users, processes more than 40% of India’s credit card bill payments and manages lending assets worth about $2.5 billion for partner institutions.
In a statement, the company said the new funding would be used to “accelerate growth, strengthen leadership and institutional capabilities, and expand across product categories.”
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Shah also reflected on CRED’s growth since its founding. “In under eight years, that belief has turned into a new category,” he said, citing the company’s revenue growth, profitability and expansion into multiple financial services.
To oversee day-to-day operations at CRED, the company appointed Miten Sampat, its head of strategy and finance since 2020, as interim chief executive.
The appointment places an Indian entrepreneur at the helm of one of the world’s largest messaging platforms. WhatsApp has more than 3 billion users globally, with India representing its largest market at more than 500 million users.