Kunal Shah, the founder of CRED, would be named Meta’s next worldwide CEO of WhatsApp, Meta CEO Mark Zuckerberg revealed on Monday. Additionally, Meta is putting roughly $900 million (or almost Rs 8,550 crore) into the financial technology company CRED.

In his role as founder of Cred, Kunal Shah will take over as global chief executive officer of WhatsApp.

“Team CRED, I’ll still expect you to be 10x as good as you were. I’ll be joining Meta to head WhatsApp globally, myself. CRED has Meta as a minority investor. Shah declared, “No access to member data. ”

“I look forward to working with Mark, Chris, and Meta’s leadership for WhatsApp’s next phase. “Thank you, Will, for gently scaling something the world relies on and for making this transition go smoothly,” he stated in a press release.

Shah announced on X that Miten Sampat would take over as CRED’s interim CEO.

“Meta will welcome Kunal Shah as WhatsApp’s newest CEO. “Kunal developed CRED into one of India’s most significant tech firms, and he possesses the kind of builder mentality and international outlook that will be beneficial to him in running the world’s largest messaging app,” said Zuckerberg.

“I’m eager to continue collaborating with Kunal to make WhatsApp the ideal service for billions of people and millions of businesses,” he said.

Shah succeeds Will Cathcart, the current head of WhatsApp, who is retiring after seven years in the position.

“One of Meta’s most significant and successful leaders, Will has helped to promote privacy for our community and brought WhatsApp to more than 3 billion users. Zuckerberg continued, “Will is moving to a different position at Meta where he’ll create brand-new goods from scratch. ”

Shah commented on X, “I launched Cred in 2018 based on the idea that creditworthiness merits a prize. Within eight years, this idea has developed into a fresh category with millions of members, Rs 3,200 crore ($325 million) in income, profitability, a comprehensive set of licenses, and a recognizable brand. CRED is ready to become an enduring institution for decades to come thanks to this foundation, extra funding, and a highly skilled staff. I’m stepping aside with gratitude and a strong belief that the team will continue to improve.