Meta's $900 million bet on fintech startup Cred has raised more than a few eyebrows, but not for the reason one might expect.
'It's Still a Job': Entrepreneur Questions Kunal Shah's Move from Cred to WhatsApp
Harshdeep Rapal, a California-based entrepreneur and founder of Legitt AI, was among the first to raise the question publicly. In a post on X, Rapal asked why Shah would walk away from a profitable, multi-billion-dollar startup on the cusp of an IPO for what is, at its core, a salaried position
Kunal Shah
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It is not the deal itself drawing scrutiny, it is the decision by Cred founder Kunal Shah to leave the company he built and take up a corporate role at Meta as global head of WhatsApp.
The Question Being Asked
Harshdeep Rapal, a California-based entrepreneur and founder of Legitt AI, was among the first to raise the question publicly. In a post on X, Rapal asked why Shah would walk away from a profitable, multi-billion-dollar startup on the cusp of an IPO for what is, at its core, a salaried position.
"On second thoughts, what would make a founder - running a multi-billion-dollar, profitable and about-to-IPO startup, that he has put blood and sweat to build, leave in favour of a job at Meta? (Whatever may be the perks, it's still a job) What would have been the line of thought?," Rapal wrote.
Shah's Track Record
Shah founded Cred in 2018 with the stated mission of rewarding creditworthy Indians for responsible financial behaviour. Before Cred, he founded FreeCharge, an early online payments platform in India, which he sold to Snapdeal in 2015. At Cred, Shah built a platform that now serves 1.7 crore monthly active users and processes over 40% of credit card bill payments in India.
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At Meta, Shah will take over as global head of WhatsApp, replacing Will Cathcart. He will be joining a cohort of Indian-origin executives running some of the world's largest technology platforms.
Where Cred Goes from Here
Miten Sampat, who has headed strategy and finance at Cred since 2020, will take over as interim CEO. The board is working to put in place a fuller leadership structure as the company prepares for an eventual IPO, Cred said in a statement.
Cred's financials show the company narrowing its losses. Operating losses fell 51% to ₹298 crore in FY25 from ₹609 crore in FY24, while total losses narrowed 11.5% to ₹1,457 crore during the same period. Consolidated operating revenue grew 16% to ₹2,735 crore in FY25.
Meta's investment values Cred at $4.5 billion and gives the social media company a roughly 20% minority stake in the fintech startup.
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