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.
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.
Follow us on X to get the latest news as it happens
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.
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.
Subscribe to our YouTube channel to watch leaders and journalists provide expert insights
The post Meta To Pour $900 Million Into CRED as Its CEO Joins Meta appeared first on BeInCrypto.
Momenta’s Hong Kong IPO could accelerate autonomous tech adoption, influencing global market dynamics and intensifying industry competition. The post Momenta Global gauges investor interest for
Algeria’s victory highlights the competitive dynamics of an expanded World Cup, emphasizing opportunities for emerging teams and shifting global football narratives. The post Algeria rallies
Crypto’s integration in sports, exemplified by the World Cup, signals a shift towards tech-driven solutions for fan engagement and fraud prevention. The post FIFA World
Progress in US-Iran talks may stabilize oil markets, reducing geopolitical risks and potentially preventing future price surges. The post Oil prices slide as US-Iran peace
Blockchain Bodega is here and you know the vibes. We’re at the intersection of hip-hop culture and web3, exploring this new digital frontier. Who better to guide you through these uncharted lanes than Ock Chain – The Bitcoin Boss and the Consensus Corner Boys?
Ock Chain doesn’t just cook up random details about cryptocurrency; he lives it. Ock’s been deep in the game since Bitcoin was just a baby.
And let’s not forget about the Consensus Corner Boys. They’re our skilled crew of blockchain enthusiasts. They’re here to educate, entertain, and enlighten.
Welcome to Blockchain Bodega!
Copyright © 2023 Blockchain Bodega. All rights reserved.