Meta Platforms has invested $900 million (around ₹8,550 crore) in CRED as part of its Series H funding round. In a major leadership shift, CRED founder Kunal Shah has been appointed Global Head of WhatsApp, replacing Will Cathcart, who has led the messaging platform for the past seven years.
Under the agreement, Meta will acquire a minority stake of approximately 20 percent in CRED. The deal values the startup at roughly ₹43,239 crore, or $4.5 billion, on a post-money basis. The funding round includes both primary capital and secondary share sales.
As part of the transition, Shah will step down as Chief Executive Officer of CRED and join Meta’s global leadership team. Cathcart will move into a new role focused on artificial intelligence initiatives. Shah is expected to lead WhatsApp’s next phase of growth, with a focus on advertising revenue, subscription services, and AI-driven features such as intelligent agents.
Following Shah’s departure from day-to-day operations, CRED has appointed Miten Sampat, who has overseen strategy and finance since 2020, as Interim CEO. The company’s board is working on a permanent leadership structure as it prepares for a future public listing.
Founded in 2018, CRED began as a platform that rewards users for paying their credit card bills on time. Since then, it has expanded into a wide range of financial services, including payments, lending, insurance, wealth management, and lifestyle offerings. The company now has 17 million monthly active members and processes more than 40 percent of India’s credit card bill payments. Its lending arm has reached ₹24,000 crore in assets under management for partner institutions. CRED reports annual revenue of around ₹3,200 crore and says it has become profitable.
Kunal Shah was born in Mumbai into a middle-class family. After his family experienced financial setbacks, he began working various jobs during his teenage years to support them and became financially independent by the age of 16. He initially studied philosophy at Wilson College because its schedule suited his work commitments. Later, he enrolled in management studies at NMIMS but dropped out, stating that structured education did not match his learning style.
His entrepreneurial journey began with Free Charge, a digital payments startup he launched in 2010. The company became one of India’s leading mobile recharge platforms before being acquired by Snapdeal in 2015 for approximately $450 million.
Afterward, Shah spent time investing in startups before founding CRED with $1 million of his own capital. The platform grew rapidly, reaching 17 million users between 2019 and 2025. India remains WhatsApp’s largest market, with more than 500 million users, while the platform has over 3 billion users worldwide.
Meta views India as a key driver of its future growth, particularly in business messaging, payments, and AI integration. Shah’s appointment is widely seen as a strategic move to strengthen these ambitions. The announcement marks a significant strategic shift for both Meta and WhatsApp globally.
