From Building CRED To Leading WhatsApp, Here's How Rich Is Kunal Shah Now?

Mumbai: Indian fintech entrepreneur Kunal Shah has entered a major new phase in his career. Meta has appointed the CRED co-founder as the new global CEO of WhatsApp, marking a major leadership change at the messaging platform used by billions worldwide.

He will replace Will Cathcart, who led WhatsApp for the last seven years. Meta officially announced the move on June 22.

From Startup Founder to Global Tech Leader

Kunal Shah is one of India’s best-known startup founders and investors.

He launched CRED in 2018 with a unique idea, rewarding users for maintaining good credit scores and paying credit card bills on time.

Over the years, CRED expanded beyond rewards and entered lending, payments and financial services.

The company grew rapidly and built a strong user base. It also secured multiple regulatory licences to expand its fintech business.

However, CRED has also faced criticism over its business model and cash burn, even as it continued growing.

Before CRED, Shah founded FreeCharge, a digital payments platform that became highly popular in India. He later sold the company in 2018.

Massive Wealth Creation

Apart from being a founder, Shah is also a major angel investor.

He has backed hundreds of startups and early-stage entrepreneurs across India’s growing startup ecosystem.

His unofficial net worth is estimated at nearly Rs 15,000 crore, or around USD 2 billion, making him one of India’s wealthiest startup founders.

Meta’s Big Bet on CRED

As part of the leadership transition, Meta is investing USD 900 million (around Rs 8,550 crore) in CRED.

The deal values CRED at USD 4.5 billion post-money and gives Meta nearly a 20% minority stake through a mix of primary and secondary share purchases.

Following Shah’s exit from daily operations, Miten Sampat will take charge as CRED’s new leader.

Meta has clarified that it will not receive access to CRED’s customer data.