In a development that significantly reshapes both India’s startup ecosystem and the global technology landscape, Meta is investing approximately $900 million (around ₹8,550 crore) in Indian fintech unicorn Cred, while founder Kunal Shah is set to take over as the global CEO of WhatsApp, according to a report by Moneycontrol.
The report states that the investment marks one of Meta’s biggest bets on an Indian startup and comes alongside a major leadership transition for Shah, who founded Cred in 2018 with a focus on serving affluent and creditworthy consumers. As part of the arrangement, operational control of Cred will pass to Miten Sampat, currently Shah’s second-in-command.
Shah took to X to confirm the development. He confirmed that Miten Sampat will take over Cred’s operations while he heads WhatsApp globally.
It’s been a minute.
— Kunal Shah (@kunalb11) June 22, 2026
2015–2018
– Exited FreeCharge. Spent time learning and investing.
– Pondered about: Why can't trust be rewarded? Started with $1M of personal capital.
– Launched CRED to reward people for paying credit card bills on time.
2019–2025
– Built a system run by a…
It was earlier reported that Meta was exploring an investment in Cred at a valuation of around $4 billion. Discussions reportedly extended beyond financing and included the possibility of Shah assuming a senior operating role within the social media giant.
If completed, the move would mark Shah’s second high-profile startup exit. Before launching Cred, he founded digital payments platform Freecharge, which was later acquired, cementing his reputation as one of India’s most successful serial entrepreneurs.
Over the past decade, Shah has emerged as a prominent figure in India’s startup ecosystem, not only for building businesses but also for backing hundreds of early-stage founders as an angel investor. The reported move to Meta signals an expansion of those ambitions onto the global stage.
According to report, Meta CEO Mark Zuckerberg announced that Shah would succeed current WhatsApp chief Will Cathcart, who is stepping down after seven years at the helm of the messaging platform. Zuckerberg reportedly praised Shah’s track record of building Cred into one of India’s most influential technology companies and expressed confidence in his ability to lead the world’s largest messaging service.
Cathcart, meanwhile, is expected to remain within Meta and focus on developing new products, Zuckerberg reportedly said.
Reflecting on his departure from Cred, Shah said the company had grown from a simple idea, that creditworthy individuals deserve to be rewarded, into a profitable fintech platform with millions of users, multiple licences, and a strong brand presence. He expressed confidence that the company’s leadership team would continue driving growth in the years ahead.
Taking over day-to-day operations, interim CEO Miten Sampat highlighted Cred’s user base of nearly 1.7 crore members and described the company’s next phase as an opportunity to build toward becoming a publicly listed enterprise.
Founded in 2018, Cred has raised nearly $1 billion from investors including Tiger Global, Ribbit Capital, Peak XV Partners, Greenoaks Capital and DST Global. Backers have credited Shah and the leadership team for creating a new category in consumer fintech while building a sustainable business model.
The Meta investment and leadership transition could mark the beginning of a new chapter for both Cred and Kunal Shah, as one of India’s most recognised startup founders prepares to take on a global technology leadership role.
