CRED founder Kunal Shah becomes global CEO of WhatsApp as Meta invests $900 million in startup
&imwidth=600&imheight=450&format=webp&quality=medium "CRED founder Kunal Shah becomes global CEO of WhatsApp as Meta invests $900 million in startup")
CRED will now be led by Miten Sampat as the interim CEO, shared Kunal Shah in a post on X. Photograph: (X)
Meta CEO Mark Zuckerberg said on Monday that CRED founder Kunal Shah will join Meta as WhatsApp’s next global CEO. Kunal brings the kind of builder mentality and global perspective that will serve him well in running the world’s biggest messaging app, he added.
Facebook’s parent company Meta is investing around $900 million (around Rs 8,550 crore) in Indian fintech startup CRED, the two companies announced on Monday. As part of the investment, Cred’s founder, Kunal Shah, will take over as global CEO of WhatsApp.
CRED will now be led by Miten Sampat as the interim CEO, shared Kunal Shah in a Monday post on X.
“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. I look forward to working with Kunal to continue to make WhatsApp the best service for billions of people and millions of businesses,” Mark Zuckerberg, CEO of Meta, said on Monday.
Shah takes over from WhatApp’s current head, Will Cathcart, who will be stepping down after seven years in the role.
“Will’s been one of Meta’s most important and effective leaders, helping to bring WhatsApp to over 3 billion people and championing privacy for our community. Will is transitioning to a new role within Meta where he’ll build new products from the ground-up,” Zuckerberg added.
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Shah said in a post on X, “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, ~₹3,200 crore (~US $325M) in revenue, profitability, a full stack of licences and a strong brand. On this foundation, with additional capital and an extraordinarily talented team, CRED is poised to become an enduring institution for decades to come. I’m stepping back with gratitude and with conviction that the team will keep raising the bar.”
“We have a generational opportunity to build on Kunal’s vision and compound consistently towards becoming a public company. I’m excited to take CRED forward in its next chapter. We are just getting started,” said Miten Sampat.
