Miten Sampat is appointed interim CEO as Shah steps away from operational responsibilities.
According to media reports, Meta has appointed CRED founder Kunal Shah as the global head of WhatsApp, succeeding outgoing chief Will Cathcart, while also announcing a USD 900 million (around INR 8,550 crore) investment in the Indian fintech startup in one of the largest funding deals for an Indian fintech company.
The transaction comprises USD 400 million in secondary stake purchases and a USD 500 million primary capital infusion into CRED.
The deal values the startup at approximately INR 43,239 crore (USD 4.5 billion) on a post-money basis.
As part of the leadership transition, Shah will step down from his operating role at CRED and relocate to San Francisco to take charge of WhatsApp globally. He will, however, retain his personal shareholding in the company and continue as a shareholder.
Miten Sampat, who has been leading strategy and finance at CRED, has been appointed interim CEO.
Meta will join CRED’s cap table as a minority investor with less than 20% ownership and will not have access to the company’s customer data.
Despite the dilution, Shah remains the largest individual shareholder in CRED, with a stake of less than 20%.
The investment marks a significant valuation rebound for CRED, which was last valued at $3.5 billion when it raised Rs 617 crore.
That round had represented a 45% decline from the company’s peak valuation of USD 6.4 billion in 2022.
Announcing the appointment, Meta CEO Mark Zuckerberg, announcing the development through a Facebook post, said Shah’s entrepreneurial experience made him a strong fit for the messaging platform’s top role. He also confirmed that Cathcart, who has led WhatsApp for seven years, will transition to a new role within Meta focused on building new products.
Zuckerberg shared, “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. 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.”
In a post on X, Shah described the move as the beginning of a new chapter for CRED and said the company was well-positioned for long-term growth.
It’s been a minute.
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…
— Kunal Shah (@kunalb11) June 22, 2026
Founded in 2018, CRED grew into one of India’s most prominent fintech startups, offering rewards and financial services to creditworthy consumers. Before launching CRED, Shah founded digital payments platform Freecharge, which was later acquired. He has also emerged as one of India’s most active angel investors, backing hundreds of early-stage startups.
