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The big company ‘Meta’ that runs Facebook is going to invest a lot of money in another big Indian company ‘Cred’. Meta Company will invest about Rs 8,500 crore in Cred. Both the companies together informed everyone about this on June 22. Under this big deal, Kunal Shah, the owner of Cred Company, is going to get a huge responsibility. He will now become the biggest boss of WhatsApp in the whole world i.e. Global CEO. Let us tell you who is Kunal Shah, where has he studied and how much salary he will get after becoming the Global CEO. Let us also tell you that Shah will replace the current head of WhatsApp, Will Cathcart, who is going to leave this post.
Where did Kunal Shah study from?
Let us tell you that Kunal Shah has completed his BA from Wilson College, Mumbai where his subject was Philosophy. After this, he also started studying MBA but left it midway i.e. he became a college dropout. In many of his interviews, he has told that when he was very young, he started working along with studies. Later, he enrolled for part-time MBA studies at ‘NMIMS’ college, but he did not complete this course too and left it midway.
What will be Kunal’s salary after becoming the boss of WhatsApp?
Official information about Kunal Shah’s salary after becoming the CEO has not been revealed yet because Meta has announced his appointment only today. But if we estimate, in big companies like Meta, which rule the American tech companies, the average package of the CEO can be from 2 lakh 22 thousand dollars annually to 4 lakh 50 thousand dollars, which if seen in Indian rupees, then it comes to around 2 crore to 4 crore rupees annually. However, in an MNC like Meta or Google, the CEO keeps ownership of some percentage of the company, due to which he does not need any salary.
Be it Mark Zuckerberg or WhatsApp co-founder John Koum, all of them had fixed a small amount of just one dollar as their salary. Since Kunal Shah is joining Meta’s global leadership team, he will receive international level perks and performance based bonuses which will be much more than his salary.
How much is Kunal Shah’s wealth?
Kunal Shah’s estimated net worth is around Rs 15,000 crore which is approximately $2 billion dollars. The bulk of his income comes from his shares in Credit. Yes, the largest part of his wealth is the shares of the fintech company CRED founded by him. After the huge investment made by Meta recently, the market valuation of Cred has been estimated at around Rs 43,239 crore.
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Why his role will be important for India
This deal is big for India in many ways. Firstly, it shows that a global company like Meta now wants to directly enter India’s digital payment market. Currently, this market is dominated by PhonePe and Google Pay, which together handle about 80 percent of UPI transactions, whereas WhatsApp Pay is still far behind. In such a situation, Meta is trying to create a big digital ecosystem by adding discovery from Facebook and Instagram, commerce from WhatsApp and payment infrastructure from CRED. Second, this is the first time that an Indian founder has got direct command of such a big product of one of the world’s largest tech companies, which has more than three billion users.
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