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