Meta will lead a $900 million ($8,550 crore) Series H round for Indian fintech CRED, valuing the company at $4.5 billion ($43,239 crore) post-funding.
The contract includes primary and secondary procurement. Additionally, founder Kunal Shah will step down as CEO to join Meta’s global leadership team.
Meta Joins CRED Cap Table With $900 Million Less Funding
According to a press release, Meta will join CRED’s cap table as a minority investor and they won’t get a chance to get a customer. The company said the Series H funding will support its growth efforts, strengthen its capabilities, and strengthen its leadership in several areas.
Shah will retain his stake in CRED even after his resignation. At Meta, he will take over as head of WhatsApp, replacing Will Cathcart, who led the messaging program for seven years before moving on to a new job.
“Kunal has built CRED into one of India’s most important technology companies, and he brings an architectural mindset and global perspective that will help him run the world’s largest messaging app,” said Mark Zuckerberg, Meta’s CEO. has been sent.
Follow us on X to hear the latest news as it happens
Miten Sampat, who has run strategy and finance since 2020, is taking over as interim CEO. The organization is developing a governance structure that it wants people to be able to sign up for.
Why Meta Is Betting on Indian Fintech
The investment expands Meta’s strategy in India beyond social media. The tech giant has grown nationally in recent months.
In June, Meta signed a making his first rent AI data center in India from Reliance Industries. Power of 168 MW place in Jamnagar adds to the partnership that began with Meta’s $5.7 billion investment in Jio Platforms in 2020.
Now, the latest round gives Meta a small stake in one of India’s leading fintech platforms. CRED supports 17 million (1.7 crore) monthly members in payments, loans, insurance, and wealth products.
Fintech drives over 40% of credit card payments in India. Its lending arm covers $2.5 billion (R24,000 crore) in the assets of major financial institutions.
Subscribe to our YouTube channel a way to watch leaders and journalists deliver professional information
A note Meta Pours $900 Million into CRED as Its CEO Joins Meta appeared for the first time BeInCrypto.
