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CRED Raises $900 Mn In Round Led By Meta

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CRED Raises $900 Mn In Round Led By Meta

Fintech unicorn CRED has raised $900 Mn (about ₹8,500 Cr)  in a fresh funding round from Meta, founder Kunal Shah announced today on Linkedin. 

The investment comprises both primary and secondary capital, making it one of the largest investments by the social media giant in an Indian startup. He didn’t disclose the valuation at which the investment was raised. Earlier last week, Meta and CRED were said to be evaluating the deal which pegged the latter at $4 Bn. 

Alongside the investment, Shah also announced that he would be stepping down from his operating role as CEO, with CRED’s strategy and finance head Miten Sampat taking over as interim CEO.

Shah said he will continue as a shareholder in the company but will join Meta to lead WhatsApp globally.

“While it’s come very far, the delta between WhatsApp today and its full potential is massive. I look forward to working with Mark, Chris, and the leadership across Meta for the next step in WhatsApp’s journey,” Shah wrote in a LinkedIn post.

(The story will be updated soon)

The post CRED Raises $900 Mn In Round Led By Meta appeared first on Inc42 Media.



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