CRED's New Leadership: Miten Sampat on Navigating Post-Kunal Shah Era
Meta Invests $900 Million in Cred, Appoints Miten Sampat as Interim CEO
In a landmark deal, Meta has invested $900 million in Cred, underscoring its confidence in the company's financial services ambitions. As part of the transaction, Kunal Shah, the founder of Cred, has taken over as Global Head of WhatsApp, marking one of the most high-profile leadership transitions in the Indian startup ecosystem.
Shah's move to WhatsApp has been met with significant attention, and his close lieutenant, Miten Sampat, has been appointed interim CEO of Cred. Sampat has been an integral architect of the company's journey since joining in 2020 and has been the operational force behind Cred's execution. Backed by the confidence of both Shah, Meta, and the company's existing investors, Sampat now has significant capital and a strengthened balance sheet to drive Cred's next phase of growth and sustainable profitability.
Cred has made significant progress in recent times, having reported its first profitable quarter and moved beyond questions over its business model. The company has also built its lending and financial services business, and Sampat has stated that Meta is a "financial investor" with no plans for any other synergy or integration with WhatsApp.
