India, June 22 -- Meta Platforms has invested $900 million (approximately Rs.8,550 crore) in Indian fintech startup CRED as part of the company's Series H funding round, marking one of the social media giant's biggest bets on India's digital economy.

As part of the deal, CRED founder Kunal Shah will step down as the company's Chief Executive Officer and take over as the new head of WhatsApp, succeeding Will Cathcart, who has led the messaging platform for the past seven years.

CRED valued at $4.5 billion after funding round

Under the terms of the agreement, Meta will acquire a minority stake of around 20 per cent in CRED.

The investment values the Bengaluru-based company at Rs.43,239 crore, or roughly $4.5 billion, on a post-money bas...