Kunal Shah to head WhatsApp at Meta after leaving Cred
Big move in the tech world: Kunal Shah, founder of Cred, is leaving his board and promoter roles to head WhatsApp worldwide at Meta.
He's converted his promoter stake into public shares but still owns about 20% of Cred through personal and family holdings.
The source states that Shah resigned as a board member and stepped down as promoter on June 22, leaving him without a managerial seat on Cred's table, and does not indicate that he remains CEO or will stay on during a transition.
Meta invests ₹8,550cr in Cred
Shah reassured everyone that Meta won't get access to Cred's customer data or a seat on its board, saying Meta will neither hold a board seat at Cred nor gain access to Cred's customer database.
On the same day, Meta invested ₹8,550 crore ($890 million) for a 20% stake in Cred, bumping its valuation up to $4.5 billion from $1.2 billion last December.
Even though Cred isn't profitable yet (it lost ₹1,692.1 crore in FY25), analysts see Meta's backing as a big vote of confidence for the company's future in India's fintech scene.