In a significant development for India’s startup ecosystem, CRED founder Kunal Shah is set to take over as the new head of WhatsApp following a major investment by Meta in the Bengaluru-based fintech company. Meta has announced a $900 million investment in CRED, acquiring a minority stake of nearly 20 percent and valuing the company at approximately $4.5 billion.
As part of the leadership transition, Shah will step down from his role as Chief Executive Officer of CRED and join Meta’s global leadership team. He will replace Will Cathcart, who has led WhatsApp for nearly seven years and will move to a new product-focused role within Meta.
Meta Bets Big on India
The investment marks one of Meta’s largest strategic bets on an Indian startup and reflects the growing importance of India in the company’s global expansion plans. India remains WhatsApp’s largest market, with more than 500 million users, making it central to Meta’s ambitions in digital payments, business messaging, commerce, and artificial intelligence-powered services.
Meta CEO Mark Zuckerberg praised Shah’s entrepreneurial track record, describing him as a leader with the vision and experience needed to guide WhatsApp through its next phase of growth.
New Responsibilities at WhatsApp
As WhatsApp’s new chief, Shah is expected to focus on expanding revenue opportunities through business messaging, subscriptions, advertising, and AI-driven services. Industry observers believe his experience in building consumer-focused financial products could help WhatsApp strengthen its position in payments and digital commerce.
Cathcart, meanwhile, will remain with Meta and work on developing new products within the company. Under his leadership, WhatsApp expanded to more than three billion users globally while introducing features such as Communities, Channels, AI integrations, and enhanced privacy tools.
CRED Appoints Interim CEO
Following Shah’s departure from day-to-day operations, CRED has appointed Miten Sampat as interim CEO. Sampat has been associated with the company since 2020 and has overseen strategy and finance functions. The company stated that its board is working on a long-term leadership structure as it prepares for future growth and a potential public listing.
CRED’s Growth Story
Founded in 2018, CRED began as a platform rewarding users for timely credit card bill payments and has since expanded into lending, insurance, wealth management, payments, and other financial services. The company claims to have around 17 million monthly active users and processes a substantial share of India’s credit card bill payments.
The latest investment is expected to accelerate CRED’s expansion while strengthening ties between one of India’s most prominent fintech firms and one of the world’s largest technology companies.
