Meta makes a $900 million super-app move in India
Meta Platforms Inc. is spending $900 million on an Indian fintech whose founder will run WhatsApp globally. Is this just an expensive talent hire? Perhaps. But I think the motivation runs deeper. Mark Zuckerberg may be trying to revive the super-app idea.
The global tech firm announced this week that it will own 20% of Bengaluru-based Cred, which rewards people who pay their credit-card bills on time. Cred’s founder and Chief Executive Officer Kunal Shah will move to Meta as the head of its flagship messaging service. With an estimated 500 million-plus users, India is WhatsApp’s largest market. But how to make them do more on the app than just communicate?
