Indian fintech company Cred will raise ₹8,550 crore (approximately $900 million) from Meta, the company announced on Monday, as Cred founder Kunal Shah steps down as CEO to take over as the global head of Meta’s WhatsApp.
Cred is on a path to show whether or not it is built to outlast its founder. Kunal Shah's new role will see him replace Will Cathcart at WhatsApp, while retaining his personal shareholding in Cred.
The Meta investment is structured as a combination of primary capital and secondary share purchases from existing investors, giving Meta a roughly 20% minority stake in Cred. This means Cred's post-money valuation stands at $4.5 billion.
Miten Sampat, who has led strategy and finance verticals at Cred since 2020, has been appointed interim CEO with immediate effect. The board is simultaneously reviewing the company's broader leadership structure, with the stated goal of readying Cred for an eventual public market listing.
Cred has reported consolidated operating revenue of ₹2,735 crore in FY2024-25, 16% higher than the previous year, with gross margins at approximately 70% and operating losses down 51% to ₹298 crore.
