CRED founder Kunal Shah to join as WhatsApp's next global CEO
New Delhi, June 22
Meta CEO Mark Zuckerberg said on Monday that CRED founder Kunal Shah will join Meta as WhatsApp's next global CEO. Meta is also investing around $900 million in the fintech company CRED.
As part of the investment, Cred's founder, Kunal Shah, will take over as global CEO of WhatsApp.
"Team CRED, I'll still expect you to be a 10x version of yourselves. As for me, I'll be joining Meta to lead WhatsApp globally. Meta comes in as a minority investor in CRED. No access to member data," said Shah.
"I look forward to working with Mark, Chris, and the leadership across Meta for the next step in WhatsApp's journey. Will, thank you for scaling something the world relies on quietly, and for making this transition smooth," he said in a statement.
CRED will now be led by Miten Sampat as the interim CEO, Shah shared in a post on X.
"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," said Zuckerberg.
"I look forward to working with Kunal to continue to make WhatsApp the best service for billions of people and millions of businesses," he added.
Shah takes over from WhatApp's current head, Will Cathcart, who will be stepping down after seven years in the role.
"Will's been one of Meta's most important and effective leaders, helping to bring WhatsApp to over 3 billion people and championing privacy for our community. Will is transitioning to a new role within Meta where he'll build new products from the ground-up," Zuckerberg added.
Shah said in a post on X, "I started Cred in 2018 with a belief that creditworthiness deserves to be rewarded. In under eight years, that belief has turned into a new category: millions of members, Rs 3,200 crore ($325 million) in revenue, profitability, a full stack of licences and a strong brand. On this foundation, with additional capital and an extraordinarily talented team, CRED is poised to become an enduring institution for decades to come. I'm stepping back with gratitude and with conviction that the team will keep raising the bar."
— IANS
Reader Comments
Impressive career move. But I wonder how a fintech founder will handle a messaging platform with 3 billion users. Privacy and monetization will be huge challenges - hope he brings some Indian innovation to the table.
Finally some Indian leadership in global tech! 🚀 Kunal Shah has the vision and execution skills. CRED's revenue of Rs 3,200 crore shows he knows how to build sustainable businesses. WhatsApp is in good hands 🙌
Meta investing $900M in CRED while taking Kunal Shah as WhatsApp CEO? Sounds like a clever talent acquisition more than anything else. Hope CRED's users don't face any data concerns with this Meta connection.
As a CRED member, I'm a bit nervous about this. Kunal Shah built CRED with member-first approach - his passion for rewards and creditworthiness was genuine. Hope the new leadership maintains the same vision. 🤞
Kunal Shah is one of India's sharpest founders. But running WhatsApp globally is a different ballgame - you're dealing with privacy laws in Europe, business messaging in India, and competition from Telegram/WeChat. Let's see if his builder mentality works at Meta's scale.
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