Meta leads Rs 8,550 Cr investment in CRED, Kunal Shah to head 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 CEO of WhatsApp.

In a statement, CRED said the latest funding round comprises both primary and secondary transactions. The round values the company at a post-money valuation of Rs 43,239 crore (approximately $4.5 billion) and a pre-money valuation of Rs 38,819 crore (approximately $4.03 billion).

CRED clarified that Meta will join as a minority investor and will not receive access to its customer data.

Meta CEO Mark Zuckerberg in a social media post said, “Kunal Shah will join Meta as WhatsApp's next leader. 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.”

CRED said Kunal Shah will retain his personal shareholding in the company, while Miten Sampat, who has led its strategy and finance functions since 2020, will take over as interim CEO with immediate effect.

The company added that its board and leadership team are working on putting in place a long-term leadership structure as it prepares for an eventual IPO.

CRED Founder Kunal Shah said, “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, ~Rs 3,200 crore (~$325M) in revenue, profitability, a full stack of licences and a strong brand.”

The fintech company said the funding will be used to accelerate growth, strengthen institutional capabilities, and expand its leadership across multiple categories. The fintech company currently offers products spanning payments, lending, insurance, wealth management, and lifestyle services, and serves more than 17 million customers.

CRED said it processes over 40% of credit card bill payments in India and the lending business has grown to Rs 24,000 crore in managed AUM.

The interim CEO of CRED, Miten Sampat, said, “1.7 crore creditworthy Indians trust CRED with improving their relationship with money. Behind this is a high-talent-density team that has consistently demonstrated ownership, mission orientation, and taste. We have a generational opportunity to build on Kunal’s vision and compound consistently towards becoming a public company.”