CRED’s Kunal Shah to lead WhatsApp; Making travel gear work better for women
CRED, which is set to raise Rs 8,550 crore (approximately $900 million) in a Series H funding round led by Meta, will use the fresh capital to support growth initiatives and strengthen its path toward a public listing.
Hello,
As AI becomes increasingly central to business and geopolitics, European companies are rethinking their dependence on US AI providers. Recent restrictions on access to some American AI services, including a US order requiring Anthropic to limit access to certain models for foreign nationals, have prompted firms to diversify across multiple providers and explore homegrown alternatives.
At the same time, fears that AI is already causing widespread job losses may be overstated. A new study by the European Central Bank found that while companies are investing heavily in AI, its impact on overall employment and wages in the US has remained limited so far.
The AI industry's rapid evolution is also reshaping partnerships. Getty Images’ shares surged nearly 150% in premarket trading after the company announced a partnership with OpenAI that will bring its licensed image library into ChatGPT, underscoring the growing importance of content licensing in the AI era.
Meanwhile, climate diplomacy is moving ahead despite geopolitical shifts. China's environment minister said global efforts to tackle climate change will continue even without the participation of some countries, as nations prepare for this year's UN climate talks.
The comments come months after US President Donald Trump withdrew the country from the Paris Agreement, with no other nation following suit so far.
In today’s newsletter, we will talk about
- CRED’s Kunal Shah to lead WhatsApp
- NORI is making travel gear work better for women
Here’s your trivia for today: Which player holds the record for being the youngest-ever FIFA World Cup winner?
Fintech
CRED’s Kunal Shah to lead WhatsApp
Bengaluru-based fintech unicorn CRED is set to raise Rs 8,550 crore (approximately $900 million) in a Series H funding round led by Meta. As part of the development, founder Kunal Shah will step down as CEO with immediate effect and assume the role of WhatsApp CEO.
Key takeaways:
- The Series H round, comprising both primary and secondary transactions, values CRED at a post-money valuation of Rs 43,239 crore ($4.5 billion). Meta will participate as a minority investor and will not receive access to CRED’s customer data.
- Kunal Shah will step down from his role at CRED and retain his shareholding in the company, while Miten Sampat will serve as interim CEO. CRED's board is working on a long-term leadership structure as the company prepares for a future public listing.
- CRED serves over 17 million customers, processes more than 40% of India's credit card bill payments, and has grown its lending business to Rs 24,000 crore in managed AUM. The new capital will be used to accelerate growth and expand its presence across financial services categories.
In-Focus
NORI is making travel gear work better for women
Vyas and Nayak founded NORI in 2025.
Bengaluru-based startup NORI is rethinking travel gear for women, building luggage, organisers, and accessories tailored to how women actually pack and travel. Founded in 2025 by Meenakshi Vyas and Rashika Nayak, the brand is combining ergonomic design, functionality, and aesthetics to carve out a niche in the growing travel market.
Key takeaways:
- NORI’s products address common pain points women face while travelling, from lower trolley handles and built-in weight indicators to organisers designed around real packing habits.
- Beyond suitcases, the startup offers packing cubes, makeup slings, weekender bags, and accessories in coordinated colours, aiming to combine practicality with personal style.
- The startup has served over 4,000 customers, grown monthly revenue from Rs 90,000 to Rs 15 lakh within six months, and recently raised $350,000 in pre-seed funding to expand its product range and distribution.
News & updates
- Keir Starmer: UK Prime Minister Keir Starmer said on Monday he was quitting, paving the way for what is expected to be an orderly transfer of power to frontrunner Andy Burnham, who could become Britain's seventh leader in 10 years as early as next month.
- Oil prices: Global oil prices fell on Monday after US-Iran talks concluded in Switzerland with Tehran saying it had secured waivers for oil and petrochemical exports, easing worries about a supply shortage in global markets.
Which player holds the record for being the youngest-ever FIFA World Cup winner?
Answer: Pelé
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