A Meta will invest US$900 million na fintech indiana Cred and wants to place the founder of the startup, Kunal Shahin command of the WhatsApp.
With the contribution, the Goal has approximately 20% yes I believeowner of an app that rewards customers who pay their card bills on time. With the deal, the company becomes worth US$4.5 billionaccording to a statement.
Shah will replace Will Cathcartwho has been at the helm of WhatsApp for around seven years. Under his management, the application more than doubled in size. Cathcart remains at Meta, but will take on a new role, using artificial intelligence tools to create consumer-facing applications and products. When contacted, Meta declined to give details about his next project.
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The exchange opens a new chapter for WhatsApp, one of the largest messaging platforms in the world. The app has grown a lot in recent years and has gone from 3 billion monthly users by 2025but is still in its infancy in new business fronts, such as advertising and subscriptions.
The mission of making these revenues take off — and bringing AI agents into WhatsApp — is now in the hands of Shah, 47 years old. He was recruited by Meta product director Chris Coxwho was looking for an entrepreneur from a country where WhatsApp is already strong. Cox defined Shah as “one of India’s most respected entrepreneurs, a serious thinker and a profoundly good person.” Today in Bangalorehe will move to California to work at Meta’s headquarters in Menlo Park.
This is not the first time that Meta has used this strategy of invest to recruit and fill important positions. Last year, the company contributed more than $14 billion in Scale AI and brought the founder, Alexander Wangto run his new AI laboratory.
“Kunal has built Cred into one of India’s most important technology companies and brings the builder mentality and global vision that will help him run the largest messaging app in the world,” wrote the CEO da Meta, Mark Zuckerbergin a publication sent to Bloomberg.
Meta’s bet on India
Meta has been making several investments in India in recent years — one of its most important markets and one of WhatsApp’s biggest hubs. In 2020, the company placed $5.7 billion in Jio Platforms and kept 10% of the business, with an eye on expanding commerce within the app. Earlier this month, it also closed the lease on its first AI data center in the country.
Founded in 2018, Cred offers benefits and rewards linked to paying your card bill. The application, with 17 million monthly usersalso helps you track and analyze expenses. Last year, the company raised US$75 million in a round led by Singapore’s sovereign wealth fund, the GIC.
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In the agreement, Meta will contribute capital primary and secondary — that is, it will also buy shares from current Cred investors.
Shah will dedicate himself solely to Meta and will leave the day-to-day running of Cred, but will remain a shareholder. How Sampatthe company’s strategy executive, takes over as interim CEO while the board reviews leadership, with an eye on a future IPO.
Meta will not have a board seat or access to Cred’s customer data, according to the Indian company.
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