Meta will lead a $900 million (₹8,550 crore) Series H round in Indian fintech CRED, valuing the company at $4.5 billion (₹43,239 crore) post-money. 

The deal combines primary and secondary share purchases. In addition, founder Kunal Shah will step down as CEO to join Meta’s global leadership team.

Meta Joins CRED Cap Table With $900 Million Minority Investment

According to the press release, Meta joins CRED’s cap table as a minority investor and will not gain access to customer data. The company stated that the Series H funding will support its growth efforts, strengthen its institutional capabilities, and reinforce its leadership position across multiple segments.

Shah will retain his personal stake in CRED despite leaving the operating role. At Meta, he will take over as head of WhatsApp, succeeding Will Cathcart, who led the messaging app for seven years before moving to a new role.

“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,” Meta CEO Mark Zuckerberg posted.

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Miten Sampat, who has run strategy and finance since 2020, takes over as interim CEO with immediate effect. The board is building a leadership structure aimed at an eventual public listing.

Why Meta Is Betting on Indian Fintech

The investment deepens Meta’s India strategy beyond social platforms. The technology giant has expanded aggressively across the country in recent months.

In June, Meta signed a deal to lease its first AI data center in India from Reliance Industries. The 168 MW facility in Jamnagar adds to a partnership that began with Meta’s $5.7 billion investment in Jio Platforms in 2020.

Now, the latest round gives Meta a minority stake in one of India’s leading fintech platforms. CRED serves 17 million (1.7 crore) monthly members across payments, lending, insurance, and wealth products.

The fintech processes more than 40% of credit card bill payments in India. Its lending arm manages $2.5 billion (₹24,000 crore) in assets for major financial institutions.

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Источник: BeInCrypto