Kunal Shah to lead WhatsApp as Meta invests $900 million in CRED; fintech names Miten Sampat interim CEO
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CRED founder Kunal Shah will step down as chief executive officer of the fintech startup and join Meta to lead WhatsApp globally, as the Facebook-parent invests ₹8,550 crore (about $900 million) in the company through a combination of primary and secondary share purchases.
The development marks one of the biggest leadership transitions in India's startup ecosystem, with Shah moving from running one of the country's most prominent fintech firms to heading the world's largest messaging platform used by more than three billion people.
As part of the transaction, Meta will become a minority shareholder in CRED. The company clarified that Meta will not receive access to customer data as part of the investment.
CRED said the Series H funding round values the company at a post-money valuation of ₹43,239 crore (about $4.5 billion), while Miten Sampat, who has led strategy and finance at the company since 2020, will take over as interim CEO with immediate effect.
Shah exits after building CRED into a fintech giant
Announcing the transition, Shah reflected on the company's journey since its launch in 2018.
"I started CRED in 2018 with a belief that creditworthiness deserves to be rewarded. In under eight years, that belief has turned into a new category: millions of members, ~₹3,200 crore (~US $325M) in revenue, profitability, a full stack of licences and a strong brand," Shah said.
"On this foundation, with additional capital and an extraordinarily talented team, CRED is poised to become an enduring institution for decades to come. I'm stepping back with gratitude and with conviction that the team will keep raising the bar," he added.
In a separate post, Shah said Meta's investment comes as a minority stake and reiterated that there would be no sharing of member data. He also announced that CRED would undertake its fifth employee stock ownership plan (ESOP) buyback.
Zuckerberg, Cathcart back Shah
Meta CEO Mark Zuckerberg confirmed the appointment, saying Shah would succeed Will Cathcart as the next leader of WhatsApp.
"Kunal built CRED into one of India's most important technology companies, and he brings the kind of builder mentality and global perspective that will serve him well in running the world's biggest messaging app," Zuckerberg said.
Outgoing WhatsApp chief Will Cathcart also endorsed the transition.
"Kunal Shah will be WhatsApp's next leader. He built CRED into one of India's most important technology companies and has a deep care for the people that rely on our apps. I'm very excited to see what Kunal and our amazing team continue to build," Cathcart said.
Profitability, IPO preparations and fresh capital
Founded in 2018, CRED has evolved from a credit-card bill payment rewards platform into a broader financial-services ecosystem spanning payments, lending, insurance, wealth management, commerce and credit cards.
The company said it now serves 1.7 crore members and processes more than 40% of India's credit-card bill payments. Its lending business has grown to ₹24,000 crore in managed assets under management (AUM) for partner financial institutions.
The startup also disclosed that it has turned profitable, a milestone that comes after years of questions around its business model and monetisation strategy.
The fresh capital will be used to accelerate growth, strengthen institutional capabilities and expand leadership across categories. The company also indicated that it has begun preparing for a future public listing.
"The board and leaders are in the process of constituting the right leadership structure towards eventual IPO," CRED said.
Sampat said the company remains focused on long-term growth.
"1.7 crore creditworthy Indians trust CRED with improving their relationship with money. We have a generational opportunity to build on Kunal's vision and compound consistently towards becoming a public company," he said.
For India's startup ecosystem, the move represents both the maturation of CRED as it prepares for its next phase and the rise of an Indian founder to one of the most influential leadership positions in global technology.