India, June 23 -- In a major technology and fintech development, Meta has announced an investment of Rs 8,550 crore (around USD 900 million) in Indian fintech firm CRED and appointed its founder, Kunal Shah, as the new global head of WhatsApp.

Shah will transition from his role as CRED CEO to join Meta's leadership team, succeeding Will Cathcart, who led WhatsApp for seven years and will now focus on developing new products within Meta. Meta CEO Mark Zuckerberg described Shah as a visionary builder with the experience needed to lead the world's largest messaging platform.

The investment values Bengaluru-based CRED at approximately Rs 43,239 crore (USD 4.5 billion). The Series H funding round includes a mix of primary and secondary share...