CRED app founder Kunal becomes new global head of WhatsApp:Parent company Meta will invest ₹8,550 crore in CRED

Meta, the parent company of Facebook and Instagram, has appointed Kunal Shah, founder of the CRED app, as the new Global Head of WhatsApp. He will replace Will Cathcart, who had been leading WhatsApp for 7 years. Cathcart will now work on new projects related to Artificial Intelligence (AI) at Meta. This information was shared by Meta CEO Mark Zuckerberg in a post on Monday. He stated that the company made this decision as part of a deal in which Meta will invest approximately ₹8,550 crore in the UPI and bill payment app CRED. In return, Meta will receive a 20% stake in CRED. Following this, CRED company’s total valuation will increase to ₹43,239 crore. Focus will be on AI integration and increasing ad revenue in WhatsApp According to Meta, after Kunal Shah becomes the boss, WhatsApp’s entire focus will be on two major things. Miten Sampat Becomes Interim CEO of CRED, IPO Preparations Intensify To take charge as WhatsApp’s Global Head, Kunal Shah will resign from his current operating position as CRED CEO. After this, he will become part of Meta. CRED has currently appointed Miten Sampat as the interim CEO of the company. Miten Sampat was leading the Strategy and Finance department at CRED since 2020. CRED’s board and management stated that they are working on creating a long-term management structure for the company, as the company plans to launch its Initial Public Offering (IPO) in the coming time. Plus versions of WhatsApp-Facebook-Instagram to be launched Meta recently introduced new subscription plans for Instagram, Facebook, and WhatsApp. Under this, ‘Plus’ versions of the apps have been rolled out. Users who opt for this plan will get special tools and customization options. Cred’s data secure, Meta will not get information
After this big deal, questions were arising in the minds of Cred’s customers regarding data privacy. However, Meta has clearly stated that despite becoming a strategic investor, it will not be given access to any kind of private or financial information of Cred’s customers. Customer data will remain completely secure. Plan to grow business and take Cred forward with new funding Talking about this big change in investment and leadership, Kunal Shah said that CRED started with the idea of rewarding people with good credit scores, which today has become a large platform with millions of members and a profitable business model. He stated that CRED’s leadership team will take the company further in the next phase. The new interim CEO, Miten Sampat, also said that this fresh capital (new funding) will be used to strengthen leadership in different verticals and expand the scope of business before listing CRED on the stock market.