Meta has made a decisive double move in the Indian market: entrepreneur Kunal Shah, the founder of fintech giant CRED, will take over as the head of WhatsApp. He replaces Will Cathcart, who is stepping down after nearly seven years in the position.
In a parallel development, Meta is leading a $900 million funding round for CRED through a combination of primary and secondary share acquisitions. Under the deal, Meta will become a minority investor, and Shah will transition out of his role as CRED CEO while retaining his personal stakes in the company.
India stands as WhatsApp’s most significant market, accounting for over 500 million of its 3 billion-plus global users. Meta identifies the country as the linchpin for the next stage of the app’s growth, particularly in the realms of payments, commerce, and business-to-consumer interaction.
Cathcart has steered WhatsApp since 2019. His tenure saw the introduction of Communities, Channels, and various AI features, alongside an intensified focus on business messaging. Despite these advances, growth in the payments sector has been inconsistent; while WhatsApp Pay has found a foothold in India, it still trails behind local market leaders like PhonePe and Google Pay.
Mark Zuckerberg praised Shah for building CRED into one of India’s most influential tech companies, noting that he brings the "builder’s mindset and global perspective" required to lead the world’s largest messaging platform.
Shah established CRED in 2018 following the successful exit of his previous venture, FreeCharge. The platform now boasts 17 million monthly active users and provides services ranging from credit card management to personal lending. CRED's post-money valuation is now estimated at approximately $4.5 billion, a significant jump from its $3.5 billion valuation in May 2025.
Miten Sampat, who has managed strategy and finance for the firm since 2020, will take the reins as interim CEO of CRED. As the company moves toward a possible IPO, the newly secured capital is earmarked for expansion into payments, lending, insurance, and wealth management services.
In a statement shared on X, Shah noted that while the platform "has come a long way, the gap between today’s WhatsApp and its full potential remains immense."
