Cred Founder Kunal Shah is WhatsApp’s New Chief  

Meta on Monday announced that Cred founder Kunal Shah will be the next WhatsApp head. Shah will succeed Will Cathcart, who has led the instant messaging platform since 2019.

“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,” Mark Zuckerberg, founder and CEO of Meta, said in a statement. 

“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 added. 

WhatsApp under Cathart 

Meta noted that Cathcart had led WhatsApp through “most consequential period of growth” as the platform scaled to more than 3 billion people, including more than 100 million in the US. 

Cathcart is also known for expanding WhatsApp’s purview from one-to-one chats to businesses, and adding elements like Communities, allowing businesses to better manage and organize their groups. Recently, WhatsApp also added a few AI features. 

“Will has been a steadfast champion of privacy, defending people’s right to a private conversation around the world, standing up to governments seeking backdoors, defeating attempts by spyware companies to attack users, and taking NSO Group to court and winning,” Meta noted on Cathcart’s reign at WhatsApp. 

Shah at WhatsApp 

According to Meta, the company chief product officer Chris Cox approached Kunal directly while looking for a leader who grasps the global product opportunity for WhatsApp.

“I’m excited to welcome Kunal Shah as WhatsApp’s next leader. He is one of India’s most respected entrepreneurs and a prolific voice for how the apps we build make a positive difference in people’s lives. We are fortunate to have him guide WhatsApp through this next era,” Cox said in a statement. 

Shah founded CRED in 2018. The fintech platform is said to have 17 million monthly active users. Shah had previously founded online payments company FreeCharge. Shah has made investments in over 250 startups including leading unicorns, and actively mentors hundreds of founders.

He has been an advisor to Peak XV (earlier Sequoia Capital India), Bennett Coleman & Co Ltd [publisher of The Times of India and the Economic Times], and was on the board of Pine Labs [a large Indian fintech]. Kunal has also served as chairman of the Internet and Mobile Association of India. 

Meta invests in Cred as Sampat takes over

Even as Shah is joining as WhatsApp chief, his fintech platform will raise USD 900 million (INR 8,550 crore) from Meta as part of Series H round. 

The round, a combination of primary and secondary share purchase, values Cred at a post-money valuation of USD 4.5 billion. Following the investment, Meta will become a minority investor. 

Cred noted that Meta will not be granted access to Cred customers. 

With Shah’s departure, Miten Sampat has been appointed as an interim CEO. Sampat is also an angel investor and has invested in firms like Third Wave Coffee Roasters and Invideo. He also served as Chief Strategy Officer at The Times of India.

“1.7 crore creditworthy Indians trust CRED with improving their relationship with money. Behind this is a high-talent-density team that has consistently demonstrated ownership, mission orientation, and taste. We have a generational opportunity to build on Kunal’s vision and compound consistently towards becoming a public company. I’m excited to take CRED forward in its next chapter. We are just getting started,” Sampath said in a post.