Bengaluru: Facebook parent Meta has announced an investment of around $900 million (approximately Rs 8,550 crore) in Indian fintech startup Cred, marking one of the largest investments in India’s startup ecosystem. As part of the deal, Cred founder Kunal Shah will step down from his operational role at the company and become the new global chief executive officer of WhatsApp.
The investment deepens Meta’s presence in India’s rapidly growing fintech sector and marks a major leadership transition both at Cred and within the Meta ecosystem. Reports indicate that the funding round values Cred at around $4.5 billion post-money and gives Meta an approximately 20 per cent minority stake in the company.
Kunal Shah takes over at WhatsApp
Under the agreement, Kunal Shah, one of India’s most prominent startup founders and angel investors, will join Meta’s global leadership team and succeed longtime WhatsApp chief Will Cathcart. Cathcart is expected to move into a new role focused on artificial intelligence initiatives within Meta.
Founded in 2018, Cred has become one of India’s leading fintech platforms by targeting affluent and creditworthy users through rewards for timely credit card payments and a range of financial services offerings. Shah had previously built and sold digital payments platform Freecharge before launching Cred.
Miten Sampat to lead Cred
Following Shah’s departure from day-to-day operations, Cred will be led by Miten Sampat, who currently serves as one of the company’s senior executives. The leadership transition comes at a time when Cred has reportedly turned profitable and is preparing for an eventual public listing.
Meta clarified that despite becoming a strategic investor in the company, it will not have access to Cred’s customer information, addressing potential concerns regarding user data and privacy.
Strategic bet on India’s digital economy
The investment highlights Meta’s growing interest in India’s digital financial ecosystem and signals a broader convergence between fintech and messaging platforms. Industry observers believe Kunal Shah’s appointment could play a significant role in expanding WhatsApp’s financial services and commerce ambitions, particularly in markets such as India where digital payments and messaging are increasingly intertwined.
The deal also underscores the increasing global influence of Indian entrepreneurs, with Shah becoming one of the few Indian startup founders to lead a major global technology platform.
As Meta strengthens its focus on artificial intelligence, digital payments and business messaging, the investment in Cred and Shah’s appointment at WhatsApp could mark the beginning of a new phase of collaboration between fintech and social technology.