Skip to content
Sign In Subscribe
Business — Media — Technology — Investing

WhatsApp Gets New CEO As Meta Backs India's Cred With Fresh Funding

As part of the transition, Meta will invest approximately $900 million in Cred at a reported valuation of $4.5 billion.

,   and  TIPP Staff
2 min read
Photo by Dima Solomin / Unsplash

Meta Platforms has appointed Cred founder Kunal Shah as the new global CEO of WhatsApp, replacing outgoing chief Will Cathcart, according to statements released by the companies on June 22.

🤳
As part of the transition, Meta will invest approximately $900 million in Cred at a reported valuation of $4.5 billion. The investment follows earlier reports that Meta was exploring both a stake in Cred and a leadership role for Shah within the company.

Meta CEO Mark Zuckerberg praised Shah’s track record of building Cred into one of India’s leading fintech firms and said he would help drive the future growth of WhatsApp, which serves more than three billion users globally.

Shah said Cred has reached profitability, built a strong business foundation, and is positioned for long-term growth. Operational leadership at Cred will transition to Miten Sampat, currently Shah’s deputy.

According to the report, Cred has raised nearly $1 billion since its launch in 2018 and is backed by several major global investors.

Related Tweet:

Also Read:

Elon Musk’s SpaceX Launches Bond Sale After Record-Breaking IPO
The fundraising effort follows SpaceX’s blockbuster IPO, which raised nearly $86 billion and significantly boosted its market valuation.
tippinsightsTIPP Staff

Comments

Related

Latest