Meta bets $900M on CRED at $4.5B; Kunal Shah elevated to WhatsApp global head to crack India UPI
Meta takes ~20% in CRED and hands founder Kunal Shah the global WhatsApp reins, a clear move to weaponise WhatsApp Pay in India where it holds just 0.6% UPI share against PhonePe's 46.2% and Google Pay's 32.7%. Signals a full-blown payments product play on a 230B-transaction rail.
Meta invests $900M in CRED for ~20% stake at $4.5B valuation as founder Kunal Shah is elevated to global WhatsApp head, signaling a push to scale WhatsApp Pay in India's UPI market.
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