Meta takes 20% passive stake in CRED for Rs 8,550 crore as Kunal Shah steps back
Meta's Rs 8,550 crore ($900M) investment values CRED ahead of a planned IPO, with no data access tied to the deal. Founder Kunal Shah moves aside as Miten Sampat takes over as interim CEO. CRED, with 1.7 crore members and Rs 3,200 crore revenue, is scaling lending, insurance and wealth services on a Rs 24,000 crore AUM base.
Meta is investing Rs 8,550 crore for a 20% passive stake in CRED without data access. Founder Kunal Shah steps back; Miten Sampat becomes interim CEO as CRED prepares for IPO and scales lending, insurance, wealth services.