Meta appoints Kunal Shah as new WhatsApp boss as part of ₹8,550 crore investment in Cred
Meta Platforms Inc. has appointed Cred founder Kunal Shah to lead its division of WhatsApp. ₹According to the official statement, 8,550 crore ($900 million) was invested in the Indian fintech startup.
The investment gives Meta a nearly 20% stake in Cred, which operates an app that rewards users who pay their credit card bills on time. The deal values the company at approximately ₹42,600 crore ($4.5 billion) on a post-money basis, the press release said.
Shah will replace current WhatsApp boss Will Cathcart, who has led the popular messaging service for nearly seven years.
In response to the announcement of his appointment, Shah said: “While it has come a long way, the gap between WhatsApp today and its full potential is huge. I look forward to working with Mark, Chris and the leaders at Meta on the next step in WhatsApp’s journey.”
What do we know about Will Cathcart’s next move?
Cathcart, who oversaw a period during which WhatsApp’s user base more than doubled, will remain at Meta and transition into a new role focused on developing consumer apps and products powered by artificial intelligence, according to Bloomberg News.
The company did not reveal details of its upcoming project. Bloomberg News reached a Meta spokesperson but declined to comment further on Cathcart’s next assignment.
Meta founder and CEO Mark Zuckerberg also commented on the development, saying, “Kunal Shah will join Meta as the next leader of WhatsApp. Kunal has built CRED into one of India’s most important technology companies and brings the kind of builder mentality and global perspective that will serve him well in running the world’s largest messaging app. I look forward to working with Kunal to continue making WhatsApp the best service for billions of people and millions of businesses.”
