Kunal Shah, founder of fintech unicorn Cred, has stepped down as the company's promoter and resigned from its board of directors after taking over as WhatsApp's global Chief Executive Officer, according to documents reviewed by Mint and filed with the Ministry of Corporate Affairs (MCA).
The leadership transition took effect on 22 June, ending Shah's formal management role at the company he founded in 2018. He, however, continues to remain one of Cred's largest shareholders.
Founder exits management, retains significant ownership
According to Mint's review of MCA filings, Shah converted his 11.14% promoter shareholding into public shareholding on 22 June. He also resigned from the board of Dreamplug Technologies Private Ltd, Cred's holding company.
Despite relinquishing his promoter status and board responsibilities, Shah continues to own around 20% of Cred through his personal shareholding and his family investment vehicle, QED Innovation Labs LLP.
Mint reported it was not immediately clear whether Shah's decision to step down was linked to any requirement arising from his appointment at Meta Platforms or whether it was a voluntary move.
Leadership change coincides with Meta investment
The governance change comes alongside a significant investment by Meta Platforms in the fintech company.
According to the information shared by the company:
- Meta invested approximately ₹8,550 crore in Cred
- The investment secured a 20% stake in the company
- The transaction valued Cred at $4.5 billion
The valuation marks a recovery from recent fluctuations. Previous valuation milestones include:
- $6.4 billion during a 2022 funding round
- $3.5 billion in May 2025
- An internal valuation of $1.2 billion in December 2025
- $4.5 billion following Meta's latest investment
Business continues to evolve
Founded in 2018, Cred operates a rewards-based platform for credit card users and has expanded into lending, financial products and advertising services.
According to company information, its business model generates revenue through:
- Credit and lending products
- Other financial services
- Advertising on its platform
The company also reported 17 million monthly active users. For FY2025, Cred reported:
- Revenue of ₹2,535.7 crore
- Net loss of ₹1,692.1 crore
The company has also stated it achieved a profitable quarter during the January to March 2026 period, marking an important milestone in its path towards profitability.
Focus shifts to execution under new governance
Shah's exit from Cred's promoter group and board represents one of the biggest governance changes since the fintech was established eight years ago. While he continues to remain a significant shareholder, day-to-day oversight will now rest with the company's remaining leadership.
Investors are expected to watch whether Cred can sustain the profitability reported during the first quarter of 2026 while integrating Meta's strategic investment. The company's ability to translate its recovering valuation into consistent financial performance is also likely to remain a key focus in the months ahead.