Meta Platforms on 22 June 2026 announced an ₹8,550 crore (about US$900mn-million) investment in Indian financial technology (fin-tech) company CRED (Dreamplug Technologies Pvt Ltd), alongside the appointment of its founder Kunal Shah as the new global head of WhatsApp.
The investment grants Meta a minority 20% stake in CRED, valuing the fintech firm at approximately ₹43,239 crore (US$4.5bn-- billion) on a post-money basis. The Series H (eighth round of institutional funding) comprises a combination of primary capital infusions and secondary share purchases and could be CRED's final private funding round before the firm moves towards a public listing. The company clarified that Meta will not gain access to CRED's customer data as part of the deal.
Mr Shah will step down from his role as chief executive officer (CEO) of CRED and join Meta's global leadership team, relocating from Bengaluru to Meta's headquarters in Menlo Park, California. He takes over from Will Cathcart who led WhatsApp for seven years before stepping down. Mr Cathcart indicated his plans to move on from the role and Meta began searching for a successor with an intuitive grasp of WhatsApp's global product opportunity, the ability to navigate disruption expected from artificial intelligence (AI) and the capability to lead the world's largest communication platform.
Meta founder and CEO Mark Zuckerberg, in a Facebook post, said: “Will Cathcart just announced that he's stepping down as the head of WhatsApp after seven years leading the app. 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. I'm super grateful for his partnership and contributions over these years. Will is transitioning to a new role within Meta where he'll build new products from the ground-up – I am excited to continue to work together closely.”
"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," he added.
Mr Cox wrote that after Mr Cathcart indicated his plans to move on, Meta searched for a leader with an intuitive grasp of WhatsApp's global product opportunity and one who could navigate disruption from AI and lead the world's largest communication platform. Mr Shah, who Mr Cox described as "one of India's most respected entrepreneurs", fitted that profile.
Mr Shah said: "While it's come very far, the delta between WhatsApp today and its full potential is massive. I look forward to working with Mark, Chris and the leadership across Meta for the next step in WhatsApp's journey. Will, thank you for scaling something the world relies on quietly, and for making this transition smooth."
Meta is betting on an Indian entrepreneur who has built two successful consumer internet businesses—CRED, a fintech platform focused on affluent consumers, and FreeCharge, the digital payments and promotions company he previously founded.
Founded in 2018, CRED serves around 17mn monthly active users and handles more than 40% of India's credit-card bill payments. The firm reported improved financial performance in FY24-25, with operating losses narrowing significantly while revenue continued to grow.
The Series H round will support CRED's next phase of expansion, strengthen its institutional capabilities and extend its leadership across financial services as it prepares for a potential initial public offering (IPO).
Through the investment, Meta gains a stronger foothold in India's fintech ecosystem. The company's stake in CRED comes at a time when WhatsApp Pay continues to seek scale in the unified payments interface (UPI) market, where it ranked ninth by market share as of May 2026.
WhatsApp entered India's payments segment in 2020 with a UPI-based offering but faced onboarding restrictions as regulators sought to prevent the messaging platform from gaining excessive dominance in digital payments. The National Payments Corporation of India (NPCI) allowed WhatsApp Pay to go live on UPI in a graded manner.
Meta is estimated to have close to 500mn users in India, although the company does not disclose country-specific user numbers.
Following Mr Shah's departure, Miten Sampat, who has led strategy and finance at CRED since 2020, will become interim CEO with immediate effect. CRED's board and leadership team are working on the company's long-term leadership structure as it moves towards a potential IPO.
Delhi High Court Rejects BSES Plea Challenging State Notice Calling for CAG Audit
Prashant Jha (Bar
and
Bench)
23 June 2026
The Delhi High Court on Monday dismissed a petition filed by power distribution companies (Discoms) BSES Rajdhani Power and BSES Yamuna Power against the Delhi government notice proposing an audit by the Comptroller and Auditor...
Tata Electronics Hit by Cyber Breach; Hackers Claim To Leak Apple, Tesla Confidential Data: Reuters
Moneylife Digital Team
23 June 2026
Tata Electronics Pvt Ltd has disclosed a cybersecurity incident after a ransomware-linked group allegedly published thousands of confidential files on the dark web, including documents purportedly linked to Apple and Tesla, according...
Aavas Financiers' ₹500 Crore Refinance Recall: NHB Probe Exposes Classification Failures, Says Report
Moneylife Digital Team
22 June 2026
The National Housing Bank (NHB) has launched a formal investigation into Aavas Financiers, the mortgage lender backed by CVC Capital Partners (CVC), after preliminary inquiries revealed widespread loan-classification irregularities. A...
Business This Week
Moneylife Digital Team
19 June 2026
Investors in artificial intelligence (AI) are showing signs of fatigue for the first time since its rally began in May 2025, according to Elara Capital. Its Global Liquidity Tracker noted six consecutive weeks of redemptions from...
