Indian fintech firm CRED’s founder Kunal Shah will become Meta-owned WhatsApp’s new ⁠leader, the messaging app’s current head Will Cathcart said on Monday in a post ⁠on X.

Under the terms of the agreement, Meta will acquire a minority stake of roughly 20 per cent in CRED. The investment values the company at Rs 43,239 crore, or around $4.5 billion, on a post-money basis. The funding is a combination of primary and secondary share purchases.

Meta Platforms has invested $900 million, approximately Rs 8,550 crore, in CRED as part of the startup’s Series H funding round.

The funding is a combination of primary and secondary share purchases.

Shah will step down as Chief Executive Officer of CRED and join Meta’s global leadership team. He will take over from Cathcart, who is moving into a new role focused on artificial intelligence initiatives.