Grouped story
How a $4 billion Indian startup won Meta's backing but lost its founder to WhatsApp
Indian fintech startup Cred has secured $900 million in a funding round led by Meta, achieving a valuation exceeding $4 billion. This investment will help Cred enhance its growth and leadership in the market, though Meta will not have access to its customer data. Kunal Shah, the founder and CEO of Cred, is transitioning to a leadership role at WhatsApp, replacing Will Cathcart. Cred, which rewards affluent Indians for managing credit card payments, currently processes over 40% of such transactions in the country and claims to have reached its first profitable quarter.
Key points
Miten Sampat will serve as interim CEO while the board seeks a permanent replacement.
Cred claims to have achieved its first profitable quarter despite previous losses.