Fintech major CRED has raised a mega $900 Mn round led by Meta, and founder Kunal Shah has stepped down as the CEO to helm a global leadership role at WhatsApp. What does this deal mean and why has Kunal Shah quit the company?
The Kunal Shah Question: Shah is stepping away from day-to-day operations at CRED, and Miten Sampat will serve in his place as the interim CEO. But the reshuffle looks more like a planned succession. Over the years, CRED has assembled seasoned management across product, finance, growth and business, giving Shah room to step back just as the unicorn pushes towards IPO, governance and its next phase of growth.
The Big Capital Reset: At the same time, Meta is infusing the capital into the fintech giant at a post-money valuation of $4.5 Bn. A large chunk ($500 Mn) of the round brings fresh capital into CRED, while a sizeable secondary sale ($400 Mn) gives early backers and employees a chance to cash out.
CRED’s Ecosystem Bet: The capital arrives just as CRED is evolving into a super app empire, catering to 17 Mn users. Managing a ₹24,000 Cr lending book, the unicorn’s ecosystem now spans wealth tech via Kuvera, mass-market lending through “Cash by CRED”, and lifestyle territories like Garage. The fresh $900 Mn war chest will finance and scale these newly minted, hyper-diversified consumer frontiers.
What’s In It For Meta? On the other hand, the transaction offers the social media giant access to one of Indian’s most influential founders at a time when its platform, WhatsApp, continues to deepen its presence across commerce, payments and business messaging.
That said, CRED now appears to be laying the groundwork for an eventual public listing: shoring up governance structures, expanding its executive team, and sharpening its focus on profitability and sustainable growth. There’s a lot more in Inc42’s inside story on the new reality awaiting CRED, and why Shah stepped away. Let’s find out…
High production costs continue to limit the adoption of green hydrogen. Expensive materials and inflexible systems make it difficult to scale, especially with variable inputs. Enter Hyetron Energy, a startup working to make hydrogen production affordable and adaptable.
Engineered For Affordability: Founded in 2024, Hyetron Energy is developing next-generation electrolyser systems. At the core of its technology are patented Anion Exchange Membrane electrolysers, which aim to combine the cost advantages of alkaline electrolysers with the performance benefits of PEM systems.
The Renewable Push: Hyetron’s systems are designed to integrate seamlessly with solar and wind energy, handling fluctuations in power supply more effectively than traditional electrolysers. This makes them suitable for off-grid and decentralised applications, where energy inputs are less predictable.
Eye On The Prize: The startup is preparing for industrial pilot projects and plans to build a megawatt-scale manufacturing facility, aligning with India’s broader target of achieving 5 MMT of green hydrogen capacity by 2030. Operating in India’s emerging green hydrogen market, which is expected to cross $10 Bn by 2030, can Hyetron Energy make green hydrogen viable at scale?
India’s UPI market is still a duopoly. While PhonePe and Google Pay continued to dominate in May, smaller players like Super.money, BHIM, FamApp and WhatsApp Pay saw their market share inch up during the month…
Source: Inc42 - Startups
