Social networking site Facebook runs Meta. Meta is ranked among the top ten companies in the world. This same Meta has announced to make a big investment in the big Indian company ‘Cred’. According to official news, Meta Company will invest Rs 8,550 crore in Cred. While giving information on Monday (June 22), the credit company itself said that it will raise Rs 8,550 crore through funding led by Meta.
After this deal, Meta has taken another big decision. Meta has also handed over the reins of its proprietary messaging platform WhatsApp to Cred CEO Kunal Shah. Kunal Shah will be the Global CEO of WhatsApp.
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What did Kunal Shah say?
Cred said in a statement that Kunal Shah will join Meta’s global leadership team. Along with this, he will retain his personal stake in Cred. Kunal Shah wrote on social media platform X, ‘Cred Team, I expect you to be 10 times a better version. As for me, I will join Meta to lead WhatsApp globally. “Although it has come a long way, there is a huge gap between WhatsApp today and its full potential.”
Mark Zuckerberg welcomed Kunal
Meta CEO Mark Zuckerberg wrote on Facebook, ‘Kunal Shah will join Meta as the leader of WhatsApp. Kunal has built Cred into one of India’s most important technology companies. He has a mindset and global perspective that will serve him well in running the world’s largest messaging app. I’m excited to work with Kunal to make WhatsApp the best service for billions of people and millions of companies.
Miten Sampath appointed interim CEO of Cred
Following this change, Miten Sampat has been appointed interim CEO of Cred with immediate effect. Mitten has been handling strategy and finance for the company since 2020. “As part of its rapid growth plan, Cred will raise Rs 8,550 crore ($900 million) in ‘Series H’ round led by Meta, the company said. This money will be raised through primary and secondary share purchase.
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Kunal Shah’s studies
Cred is a financial services providing company. Its headquarters is in Bengaluru. Kunal Shah has graduated from Wilson College, Mumbai. His subject has been Philosophy. After this he studied MBA, but left it midway. In many of his interviews, he has told that when he was very young, he started working along with studies.
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