Kunal Shah's appointment as the new global head of WhatsApp is the latest milestone in an entrepreneurial journey shaped by financial hardship, resilience and a relentless pursuit of building businesses. Long before founding CRED or building FreeCharge into one of India's biggest startup success stories, Shah lived with his family in a 100-square-foot chawl in Mumbai's Lohar Chawl after his family's finances deteriorated.
In an interview with Forbes, Shah recalled how his father's pharmaceutical distribution business struggled after family wealth was depleted due to medical expenses.
"My dad was the seventh kid in a joint family of seven sons and an engineering graduate. He built his own pharma distribution business. By the time the family had completely split, because we had lots of illnesses in the family, family wealth was completely depleted... We had to move to a chawl for, like, 100 square feet in Mumbai in Lohar Chawl," Shah said.
The financial difficulties pushed him to start earning at a young age.
"When I was 15-16, I did everything to make money," Shah said, reflecting on the challenges that shaped his outlook on success and entrepreneurship.
One memory from those years has stayed with him.
ALSO READ: How A Series Of Conversations Made Kunal Shah Meta's Pick For WhatsApp Chief
"I remember when I was a delivery boy, I would move around on a Honda and deliver stuff. And sometimes I would not have enough fuel. So I would go to the fuel pump and say, 'Yaar yeh paanch rupay ka daal do, servicing mein ja raha hai.' The guy would notice that I did not have money, and he would put in a little extra."
Shah says those experiences taught him the importance of paying kindness forward.
"I can't thank the guy, but I think if you can just pay it forward, fulfilling dreams of many more people, I think it's a good life lived," he said.
His entrepreneurial breakthrough came with FreeCharge, the digital payments platform he founded and later sold to Snapdeal in 2015 in a deal worth around Rs 2,800 crore. The transaction became one of India's earliest landmark fintech exits.
After the sale, Shah spent several years investing in startups before launching CRED with about $1 million of his own capital. Built around the idea of rewarding financial trustworthiness, CRED gradually expanded beyond credit card bill payments into lending, insurance, wealth management, commerce and payments.
Under Shah's leadership, CRED grew into one of India's largest fintech platforms, serving more than 17 million members. The company generated annual revenue of about Rs 3,200 crore, achieved its first profitable quarter, completed multiple employee stock ownership plan (ESOP) buybacks and secured a broad set of financial services licences.
Beyond CRED, Shah also became one of India's most prolific startup investors, backing hundreds of young companies across sectors while becoming known for his unconventional management style and thought-provoking commentary on technology and consumer behaviour.
His latest career move comes as Meta invests $900 million in CRED, valuing the fintech at $4.5 billion. As part of the transition, Shah has stepped down as CRED's chief executive, with Miten Sampat taking over as interim CEO while Shah moves to Meta to lead WhatsApp globally.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
