Top tech and startup stories this morning
Kunal Shah heads to Meta; New-age IPO playbook Want this newsletter delivered to your inbox? Also in the letter Kunal Shah named WhatsApp global CEO
Kunal Shah heads to Meta; New-age IPO playbook Want this newsletter delivered to your inbox? Also in the letter Kunal Shah named WhatsApp global CEO as Meta takes $900 million stake in Cred Deal details Founder Kunal Shah is leaving Cred to lead WhatsApp globally. The deal includes $400 million in secondary stake sales and $500 million in primary capital. Meta is also throwing in $100 million in ad credits. Shah retains his personal stake in Cred while long-time lieutenants step up: Miten Sampat takes over as interim CEO. Money matters The transaction values Cred at Rs 43,239 crore (roughly $4.5 billion) post-money. Meta joins Cred’s cap table as a minority investor with a < 20% stake – and no access to customer data.
Shah remains the largest individual shareholder in Cred, though his holding has dipped below 20%. Cred last raised Rs 617 crore in June 2025, at a $3.5 billion valuation– a 45% cut from its $6.4 billion peak in 2022. Also Read From the horse's mouth Also Read Meet Kunal Shah, serial entrepreneur and Meta's pick to lead WhatsApp Yes, and Also Read Who is Will Cathcart? WhatsApp leader exits after steering it through privacy battles, monetisation push Young, loss-making startups keep OFS portion lean as investor scrutiny grows Smaller exits, bigger growth ask An ET analysis of 40-plus venture-backed and new-age companies shows that seven of ten new-age IPOs in 2021-22 had offer-for-sale (OFS) components above 50%, with a median OFS share around 80%.
The newer loss-making cohort is tilting heavily towards fresh issues, signalling that proceeds will go into expansion, scale, and a path to profitability. Early investors are also staying patient. These companies are still young: the real exit story, they hope, lies ahead. What changed from 2021 Public investors are no longer shunning loss-making startups outright, but they now frown on large exits from firms still burning cash. Bigger OFS components still fly for scaled, profitable platforms like Groww, Lenskart and Urban Company., and. The new market test is now sharper:
public market will fund growth – but only with valuation discipline and a credible profitability roadmap. NPCI plans to enable listing of e-mandates in all UPI apps Driving the news Quote, unquote Background Also Read One soundbox soon for all payment apps as NPCI readies platform Other Top Stories By Our Reporters Next batch of ECMS investments may be unveiled next month As AI adoption grows, token consumption comes under close scrutiny Info Edge says it invested Rs 1,003 crore on AI, deeptech startups since 2020 Global Picks We Are Reading
The BriefWire