India, June 23 -- Kunal Shah, the founder of CRED, is set to take on a new role at Meta after the social media company announced a major investment in the fintech platform. As part of a funding agreement valued at $900 million (around Rs. 8,550 crore), Shah will become the new head of WhatsApp, replacing Will Cathcart, who has led the messaging service for the past seven years.

The deal also marks one of Meta's biggest bets on India's startup ecosystem. Under the agreement, Meta will acquire a minority stake of nearly 20 percent in CRED, valuing the company at about $4.5 billion, or Rs. 43,239 crore, after the investment. The funding round includes both fresh capital and the purchase of existing shares from current stakeholders.

With th...