Meta Platforms has announced a $900 million investment in Indian fintech Cred, valuing the company at $4.5 billion, and appointed Cred founder Kunal Shah as the new global head of WhatsApp, according to a report by Business Today. Shah will succeed Will Cathcart, who led the messaging platform since 2019 and will move to a new product-building role within Meta.
Meta’s $900 Million Investment in Cred
The investment comprises a mix of primary and secondary share purchases, giving Meta approximately a 20% stake in Cred. The $4.5 billion valuation marks an increase from $3.5 billion in Cred’s previous funding round in 2025. Meta will remain a minority investor and, according to the company, will not have access to member data.
Kunal Shah Named WhatsApp Global Head
Shah will step away from day-to-day operations at Cred but will remain a shareholder. He will relocate to Meta’s headquarters in California. Meta CEO Mark Zuckerberg said Shah “brings the kind of builder mentality and global perspective that will serve him well in running the world's biggest messaging app.” In a social media post, Shah said he was stepping back “with gratitude” and confidence in the Cred team. Miten Sampat, who has led strategy and finance at Cred since 2020, will take over as interim chief executive.
WhatsApp’s India Strategy and Monetisation
India is WhatsApp’s biggest market with more than 600 million users. The appointment signals Meta’s intent to deepen monetisation through payments, business messaging, and AI. WhatsApp Pay has gained momentum after the removal of user-onboarding restrictions, processing more than 150 million monthly UPI transactions, capturing around 0.65% market share, according to NPCI data. However, it remains far behind PhonePe and Google Pay, which together account for nearly 79% of UPI transactions.
| UPI Payments App | Monthly Transactions (millions) | Market Share |
|---|---|---|
| WhatsApp Pay | 150+ | 0.65% |
| PhonePe & Google Pay | (combined) | ~79% |
Business messaging has emerged as a key growth engine, with revenues from paid messaging services crossing a $2-billion annualised run rate in the December 2025 quarter. Meta has also been pushing AI tools for businesses on WhatsApp, enabling merchants to automate customer interactions and sales.
Cred’s Growth and IPO Ambitions
Founded in 2018, Cred began as a rewards platform for credit card bill payments and has since expanded into lending, insurance, wealth management, and commerce. The company reports:
- Over 17 million monthly active members
- A lending assets book of Rs 24,000 crore (via partner institutions)
- Annual revenue of approximately Rs 3,200 crore
- Its first profitable quarter recently
- Working towards a potential IPO
Sampat said Cred had a “generational opportunity” to build on its foundation as it prepares for an eventual listing.
Regulatory Scrutiny in India
Meta’s India operations face growing legal challenges. Earlier this year, the Supreme Court warned WhatsApp and its parent company against sharing user data for targeted advertising, stating that citizens’ privacy rights could not be compromised for commercial interests. A bench led by Chief Justice Surya Kant indicated the court could prohibit such practices if adequate safeguards are not in place.
The next milestone for Cred is its eventual IPO, while Shah’s leadership of WhatsApp will be closely watched for further monetisation moves in India.
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