Meta pumps $900M into Cred at $4.5B; founder Kunal Shah exits CEO chair to run WhatsApp globally
Meta takes ~20% of Cred at a $4.5B post-money valuation while poaching founder Kunal Shah as WhatsApp's global head. Miten Sampat steps in as interim CEO ahead of a planned IPO. The deal reshapes India's UPI battle, pairing Cred's 17M premium users with WhatsApp's 3.3B MAU against PhonePe, Google Pay and Paytm.
Meta invests $900M in Cred at $4.5B valuation for ~20% stake; founder Kunal Shah exits as CEO to become WhatsApp's global head, with Miten Sampat as interim CEO ahead of planned IPO. Intensifies UPI payments competition in India.