Bengaluru-based fintech unicorn CRED is set to raise Rs 8,550 crore (approximately $900 million) in a Series H funding round led by Meta.
As part of the development, founder Kunal Shah will step down as CEO with immediate effect and assume the role of CEO of WhatsApp.
In a statement, CRED said the latest funding round comprises both primary and secondary transactions.
The round values the company at a post-money valuation of Rs 43,239 crore (approximately $4.5 billion) and a pre-money valuation of Rs 38,819 crore (approximately $4.03 billion).
CRED clarified that Meta will join as a minority investor and will not receive access to its customer data.
