Meta Platforms has invested $900 million (approximately ₹8,550 crore) in fintech startup CRED as part of its Series H funding round, marking one of the most significant investments in the Indian startup ecosystem in recent times. As part of the same development, CRED founder Kunal Shah has been appointed as the new 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 a minority stake of around 20 per cent in CRED. The investment values the company at approximately ₹43,239 crore, or $4.5 billion, on a post-money basis. The funding round includes a mix of primary capital infusion and secondary share purchases.
Following the announcement, Kunal Shah is set to step down from his role as Chief Executive Officer of CRED and join Meta’s global leadership team. He will replace Will Cathcart, who is transitioning to a new role focused on the company’s artificial intelligence initiatives.
Meta said Shah will oversee WhatsApp’s next phase of growth, with a focus on expanding advertising and subscription-based revenue streams while also advancing the integration of artificial intelligence-powered agents across the platform.
With Shah moving away from the day-to-day management of CRED, Miten Sampat, who has been leading strategy and finance at the company since 2020, has been appointed interim Chief Executive Officer. The company said its board and senior leadership are working on a long-term management structure as it prepares for a future stock market listing.
Founded in 2018, CRED initially gained popularity by rewarding users for timely credit card bill payments. Over the years, the platform has expanded into a broader financial services ecosystem offering payments, lending, insurance, wealth management and lifestyle-related products.
According to the company, CRED currently serves 1.7 crore monthly active users and facilitates more than 40 per cent of India’s credit card bill payments. Its 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 stated that it has achieved profitability.
The investment and leadership transition mark a significant milestone for both Meta and CRED as they look to strengthen their positions in the digital technology and financial services sectors.
